Joshua Paints received an invoice dated June 03 from Bergs Plus. The invoice amount was...
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Finance
Joshua Paints received an invoice dated June 03 from Bergs Plus. The invoice amount was
$7 340.95 and the payment terms are 4/20, 2/30, n/60. Joshua made a payment on June 23 to reduce the balance due by $4,000.00, a second payment on July 03 to reduce the balance to $1000.00 and paid the remaining balance on July 30.
How much did Joshua pay on July 03? (3 marks)
How much was paid on June 23? ( 3 marks)
What was the amount of the final payment on July 30? ( 3 marks)
What was the total amount paid? ( 3 marks)
The following invoices, all with terms 5/10, 3/20, n/60 were paid together on April 11. Invoice No. 216 dated March 22 for $875.23; invoice no. 324 dated April 3, is for $924.54; and invoice no.678 dated March 20 is for $525.20. Copy and complete the table below. ( 15 marks)
Invoice
number
Invoice date
Invoice
Amount
End
of discount
Period for
Discount rate
Allowed
Amount
Paid
3%
5%
216
March 22
$875.23
-----
-----
------
------
234
April 03
$924.54
-----
-----
------
------
678
March 20
$525.20
-----
------
------
Total ------
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