Unit7Exam.docx - Question 12 1 Determining Due Dates and...

Question 12
1. Determining Due Dates and Discount Amounts
Info.com frequently purchased merchandise on account. When it receives an invoice, a
clerk puts a processing stamp on the invoice indicating the due date, the amount of
discount (if any) and the amount to be paid. The following invoices were received during
April:
Instructions:
Use the form that follows to complete this question. The first invoice has been completed
as an example.
For each invoice do the following:
1. Determine the due date. Assume that Info.com always pays invoices within the
discount period.
2. Compute the discount amount, if any.
3. Compute the amount to be paid.
Invoice
Number
Invoice
Date
Credit
Terms
Invoice
Amount
Due
Date
Discoun
t
Amount
Amount
to be
Paid
1. 7878 Apr. 5 3/10, $5,000 Apr. 15 $150 $4850

n/30
2.
9088 Apr. 7
2/10,
n/30 $4,000 Apr. 17 $80 $3,920
3.
87789 Apr. 12
2/10,
n/30 $2,000 Apr. 22 $40 $1,960
4. 44654 Apr. 16 n/45 $450 $450
5.
2326 Apr. 23
2/10,
n/30 $6,000 May 3 $120 5,880
6. 8979 Apr. 27 n/30 $600 $600
Question 13
1.
Recording Purchases Transactions.
Click Photo, a retail merchandising store, had the following purchases transactions in
March: