Tony Chang gives good customers a cash discount of 1.5% on any amount that they pay within 5 days of the invoice date. A...
Tony Chang gives good customers a cash discount of 1.5% on any
amount that they pay within 5 days of the invoice date. An invoice
for $1,890 was written on February 2. The customer paid $900 on
February 6. Compute the amount that Tony must credit to his
customer's account. (This problem involves the partial payment of
an invoice within the discount period.) Round your answer to two
decimal places.
$ credited
Homework Answers
As the invoice is paid within 5 days, cash discount is given to customer.
Cash discount = $1,890 * 1.5% = $28.35
Cash received = $1,890 - $28.35 = $1,861.65
The amount that Tony must credit to his customer's account = $1,861.65
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