Stacy’s Dress Shop received a $1,050 invoice dated July 8 with 2/10, 1/15, n/60 terms. On July 22, Stacy’s sen?
sent a $242 partial payment.
1.
What amount of credit should Stacy receive?
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sent a $242 partial payment.
1.
What amount of credit should Stacy receive?
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Answers & Comments
100% -1% =99%= .99
242/.99 = 244.44 this is credit that stacy should receive
1,050 - 244.44 = 805.56 outstanding balance
"2/10" Means 2% if paid, in it'e entirety, within 10 days of invoice date
"1/15" Means 1% if paid, in it'e entirety, within 15 days of invoice date.
"partial payment."
Did she pay the invoice in it's entirety? No.