Response to the following questions:
1. Explain the following credit terms: (a) n/30; (b) 2/10, n/60; (c) 1/15, EOM, n/30.
2. In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by $700. How will this error be discovered?
3. An electronics business purchased speakers for resale. The total of the invoice is $2,580, and it is subject to trade discounts of 15 percent, 10 percent, and 5 percent. Compute the amount the dealer will pay for the speakers.