On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were 4/10, n/30. On April 02, Jangles sent an $8,720 partial payment. a. What credit should Jangles receive? (Round your answer to the nearest cent.) Credit b. What is Jangles’ outstanding balance? (Round your answer to the nearest cent.) Outstanding Balance
On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were 4/10, n/30. On April 02, Jangles sent an $8,720 partial payment. a. What credit should Jangles receive? (Round your answer to the nearest cent.) Credit b. What is Jangles’ outstanding balance? (Round your answer to the nearest cent.) Outstanding Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were 4/10, n/30. On April 02, Jangles sent an $8,720 partial payment.
a. What credit should Jangles receive? (Round your answer to the nearest cent.)
| Credit |
b. What is Jangles’ outstanding balance? (Round your answer to the nearest cent.)
| Outstanding Balance |
Expert Solution
Step 1
4/10 Term says that if the due amount is paid within 10 days then. they can avail 4 % discount.
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