find the net payment where indicated, and the credit toward account, and the amount still due....
find the net payment where indicated, and the credit toward account, and the amount still due. round to the nearest cent where necessary.
invoice is $765, date of invoice February 24, date of payment March 10, credit terms 2/10, n/30 PROX., net payment $392
Homework Answers
| Date of invoice | 24/02 |
| Total bill invoice | $765 |
| Date of payment | 10/ 03 |
| Discount applicable | 2% (See note) |
| Net payment | $392 |
| Value of payment without discount | (1+2%)×392= $400 |
| Credit toward account | $8 |
| Amount due | 765-400= $365 |
| Due date of remaining amount | 30th of following month or 30/03 |
Therefore the remaining amount of $365 has to paid by 30th March.
Note: Here according to credit terms 2/10,n/30 PROX it means if payment is made specifically on the 10th day of next month then 2% optional discount will be given on the amount that is paid. Further PROX here means the following or next month. The undiscounted amount will be due on 30th of the following month.
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