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The Prompt Payment Act Answer Book by William G. Arnold

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Appendix 2

Self-Quiz: Payment Due Dates

Following are data on 20 invoices, including contract, invoice, and delivery data. Calculate the correct due date for each invoice using Prompt Payment Act rules.

Where contract data is blank, assume the normal or default value for the particular commodity or type of invoice involved.

Invoice #1 has been filled in with the correct entries, shown in gray.

Solutions can be found in Appendix 4.

Invoice #1

Contract data Items orderedPayment periodAcceptance periodOther contract provisions General goods or services(30 days)(30 days)
Invoice data Method of invoice deliveryVendor invoice dateInvoice received (date-stamped)Date defective invoice returnedDate corrected invoice received MailMay 1May 3
Delivery ...

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