Question

On March 28, Jangles Corporation recieved a $21,700 invoice dated March 25. Cash discount terms were...

On March 28, Jangles Corporation recieved a $21,700 invoice dated March 25. Cash discount terms were 3/10, n/30. On April 01, Jangles sent an $8,680 partial payment.

What credit should Jangles recieve?

What is Jangles' outstanding balance?
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Homework Answers

Answer #1

3/10 Net 30 refers to the trade credit. When the seller of goods or service allows the buyer to pay for the goods or service at a later date offered to a customer for the sale of goods. 3/10 net 30 means that if the amount due is paid within 10 days, the customer will enjoy a 3% discount.

Calculation :

Credit received (Cash Discount): $21,700 * 3% = $651/-

Net Amount Payable = $21,700 - $ 651 = $21,049/-

Outstanding balance after payment of $8,680 = $21049-$8680 = $12,369/-

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