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hichkok12 [17]
3 years ago
15

Happy​ Valley, Inc. has received an invoice for​ $6,500 with terms of​ 3/15, n/45 and uses the net method to record purchases. I

f Happy Valley pays the invoice on the seventeenth​ day, Accounts Payable will​ be:_________.
Business
1 answer:
Strike441 [17]3 years ago
4 0

Answer:

$6,500

Explanation:

In these cases, the fraction 3/15 represents that 3% discount will be offered on payment if the payment is made within 15 days.

The fraction n/45 represents the total credit period allowed for this purchase is 45 days.

So if a person makes the payment beyond 15 days there will be no discount offered and accordingly, the purchase price will be paid.

Here, Happy Valley also paid after 15 days, that is on 17th day. Thus, net purchase will be $6,500 and no discount shall be recorded on such payment, or recording the purchase value.

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In 2020, Ada lived with her son, Robert, and his wife, Barbara. Ada’s only source of income was a $1,500 fully taxable pension,
Harrizon [31]

Answer:

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Explanation:

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