You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. A. What is the outstanding balance on the January 25th invoice after the January 27th payment? B. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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You received invoices from Global Inc. dated
Jan 20 for $2800, Jan 25 for $4200, and Feb 1
(non-leap-year) for $1500. You have also
made a payment of $4800 on Jan 27th. The
invoices all have terms of 3/10, n/30.
A. What is the outstanding balance on the
January 25th invoice after the January 27th
payment?
B. What total amount must be paid on Feb 5
to settle the remaining balance on all the
invoices?
Transcribed Image Text:You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. A. What is the outstanding balance on the January 25th invoice after the January 27th payment? B. What total amount must be paid on Feb 5 to settle the remaining balance on all the invoices?
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