Ed's Print Shop received an invoice dated May 10 for $2,500 with terms 3/10, 1/15, n/60. On May 22, Ed's Print Shop sent a partial payment of $2,000. What is the actual amount that should be credited, and what is Ed's Print Shop's outstanding balance?

Question

Quizplus · Accepted Answer

Divide the partial payment of $2,000 by .99 since the payment was made within 15 days of the invoice. This makes the payment credited amount equal to $2020.20. When this is subtracted from the invoice amount of $2,500, the balance left is $479.80.

Ed's Print Shop Received an Invoice Dated May 10 for $2,500