Question: 8. An invoice for $ 10, 890.90 is dated February 29 th , 2020 with payment terms of 3/15, 2 1/2 /30, 1/ 40, n/60

8. An invoice for $ 10, 890.90 is dated February 29^th, 2020 with payment terms of 3/15, 2^1/2/30, 1/ 40, n/60 is received. On March 31^st, 2020, the business remits a payment of $5,000. What does this payment get credited as?

*Please use financial calculator method and show the values being entered for PY, CY, I, N, PMT, FV, PV along with your final answer*

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

1. Which of the following is a potential cost of the public disclosure of accounting information? a. Loss of competitive advantage caused by revealing information to competitors. b. Potential...

An invoice for $ 10, 890.90 is dated February 29 th , 2020 with payment terms of 3/15, 2 1/2 /30, 1/ 40, n/60 is received. On March 31 st , 2020, the business remits a payment of $5,000. What does...

2. An invoice for $ 10, 890.90 is dated February 29 th , 2020 with payment terms of 3/15, 2 1/2 /30, 1/ 40, n/60 is received. On March 31 st , 2020, the business remits a payment of $5,000. What does...

Prepare an Unadjusted Trial Balance. Baldy's Barber Shop Transaction Listing Number Date GJ1 12/1/xocx Baldy invested $15,000 of his personal funds into the business. Personal Check # 609 Number Date...

Prepare an Unadjusted Trial Balance. Baldy's Barber Shop Transaction Listing Number Date GJ1 12/1/00 Baldy Invested $15,000 of his personal funds into the business. Personal Check # 609 Number Date...

Baldy's Barber Shop Transaction Listing Number Date GJ1 12/1/xxxx Baldy invested $15,000 of his personal funds into the business. Personal Check # 609 Number Date GJ2 12/1/xxxx Got a $10,000 5 year...

record journal entrries make a "T account" Make a trial balance Semester Project Bus 144 Part 1 project X Semester Project Chat X C Baldy's Bar Number Date GJ7 12/4/xxxx Issued Check # 5 for $1000 to...

1. The company paid cash to Lyn Addie for five days work at the rate of $235 per day. Four of the five days relate to wages payable that were accrued in the prior year. 2. Santana Rey invested an...

I need help in making sure im doing this correct!! please help!! Serial Problem Business Solutions LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Santana Rey...

(Assumptions, Principles, and Constraints) Presented below are a number of operational guidelines and practices that have developed over time. Select the assumption, principle, or constraint that...

Briefly explain four important services provided by mutual funds.

. Did the Gross Accounts Receivable go up or down from 2 0 2 0 to 2 0 2 1 ? Did the Allowance go up or down in the same period? Why? ( Hypothesize as you can t know for sure but justify your answer...

(6) Block 1 has a mass of 4.23 kg and block 2 has a mass of 6.35 kg. Block 2 is released from rest at a height of h = 1.20 m above the floor. 1 2 (6a) Find the speed of the 6.35 kg block just before...

Message Strategies: Persuasive Business Messages [LO-3] As someone who came of age in the post email world of blogs, wikis, social networks, and other Web 2.0 technologies, you were rather...

Communication Ethics: Making Ethical Choices [ LO-4], Chapter 1 Your boss has asked you to post a message on the companys internal blog, urging everyone in your department to donate money to the...

Message Strategies: Persuasive Business Messages [LO-3] As a strong advocate for the use of social media in business, you are pleased by how quickly people in your company have taken up blogging,...