An accountant works for TrailBlazer. On September 5th, he received an invoice totalling $32,500 from Whirlco with
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An accountant works for TrailBlazer. On September 5th, he received an invoice totalling $32,500 from Whirlco with payment terms 3/10, 1.5/20, n/30. He sent in a partial payment on September 14th to reduce their balance by $12,500 and planned to pay off the remaining balance in time to receive the 1.5% cash discount.
a. What is the amount of the partial payment made on September 14th?
b. How much money would TrailBlazer lose if they don't get the second discount?
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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