What is the name of the customer on the bill? What did the customer buy? What ar
ID: 2786928 • Letter: W
Question
What is the name of the customer on the bill?
What did the customer buy?
What are the terms?
By what day must the customer pay the bill in order to receive the discount?
If the customer takes the discount, how much will the company receive as a payment?
What happens if the customer does not pay within 30 days?
How can an invoice emphasize important information?
Explain the benefit of sending your customer a self addressed stamped envelope along with the invoice?
Why would you want to make sure your billing statement looks different than your company’s other correspondence or letterhead?
Why shouldn’t you put past due columns on a pre-printed position on your billing statement? What does this suggest to your customers?
Send Payment To: INVOICE
Collegiate Accounting Services
1900 College Drive
Rice Lake, WI 54868
Date
Invoice #
3/05/03
4002
Bill To:
Rice Lake Truck Bodies
2401 N. Main
Rice Lake, WI 54868
P.O Number
Terms
Project
20012535
2/10 n 30
(2% discount if paid
in 10 days, net due in
30 days)
Job 1459
QUANTITY
DESCRIPTION
RATE
AMOUNT
1
2
1040 Tax Return
Payroll Tax
$20 per page
$25
$100.00
$50.00
TOTAL
$150.00
Any amount not paid within 30 days of invoice date will carry interest at the rate of 1 1/2% per month
I am stuck and need help!!!!!
Date
Invoice #
3/05/03
4002
Bill To:
Rice Lake Truck Bodies
2401 N. Main
Rice Lake, WI 54868
Explanation / Answer
Answers:
What is the name of the customer on the bill?
Rice Lake Truck Bodies
What did the customer buy?
The customer is billed for paying tax return services offered by Collegiate Accounting services. Specifically mentioned product : 1040 Tax Return, Quantity : 1, Charged at the rate of $20 per page, total number of pages is 5
And for Payroll Tax . Quantity : 2, Charged at the rate of $25 per return.
What are the terms?
Terms:
1. If the Bill amount is not paid within 30 days of the invoice date, the outstanding amount would be charged at the rate of 1.5% interest rate on a per month basis till the amount is paid. The customer is expected to make the payment within 30 days of invoice date.
By what day must the customer pay the bill in order to receive the discount?
2/10 n 30
If the customer pays the entire amount within 10 days of the invoice date, he will be entitled to receive a cash discount of 2% on the bill amount. However if the customer doesnt pay within 10 days of the invoice date, he can still make the payment within 11th day to 30 days of the invoice date, but will not receive any discount.
If the customer takes the discount, how much will the company receive as a payment?
The amount after discount = $150 - (2% of 150) = $150 - 3 = $147
What happens if the customer does not pay within 30 days?
If he doesnt pay within 30 days, then he will be charged interest of 1.5% on the bill invoice amount on a monthly basis, till the time he makes the payment.
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