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Joshua Paints received an invoice dated June 03 from Bergs Plus. The invoice amount was...

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Question

Finance

  1. 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.

  1. How much did Joshua pay on July 03? (3 marks)

  1. How much was paid on June 23? ( 3 marks)

  1. What was the amount of the final payment on July 30? ( 3 marks)

  1. What was the total amount paid? ( 3 marks)

  1. 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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