Question

Complete the following: (Do not round intermediate calculations. Round your final answers to the nearest cent.) Amount of invoice Terms Invoice date Actual partial payment made Date of partial payment Amount of payment to be credited 5 412.80 Balance outstanding 630 4/10, 1/60 7/ 8 5 4 307 /17 $ 200.00

Answer 1

Answer

• Amount actually paid = $ 430
• This is made within discount term of 10 days, hence it is after 4 % discount.
• This also means that above payment is 96% of the total amount credited
• Amount of payment to be credited = $ 430 / 96% = $ 447.92

Amount of invoice	Terms	Invoice date	Actual partial payment made	Date of partial payment	Amount of payment to be credited	Balance outstanding
$630.00	4/10, n/60	08-Jul	$430.00	17-Jul	$447.92	$182.08