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 Balance outstanding 745 3/10, n/60 8/5 5458/8

Answer 1

Answer:

Amount of invoice	Terms	Invoice date	Actual partial payment made	Date of partial payment	Amount of payment to be credited	Balance outstanding
$          745	3/10, n/60	8/5	$545	8/8	$             561.35	$                183.65

Calculations:

Given that terms 3/10, n/60; It means amount paid within 10 days 3% of discount will apply. or else, it should paid within 60 days without discount.

i.Amount of payment to be credited = Actual partial payment made + discount

= $545 + ($545 x 3%)

= $545 + 16.35

= $561.35

ii.Balance outstanding = Amount of invoice - Amount of payment to be credited

= $745 - $561.35

=$183.65