Veronica purchased furniture for $3,500.00 and received an invoice dated May 5, 2013 with terms 3/10 n/30. What is the amount of cash discount available for a payment made on May 12, 2013 to settle the invoice?

Veronica purchased furniture for $3,500.00 and received an invoice dated May 5, 2013 with terms 3/10 n/30. What is the amount of cash discount available for a payment made on May 12, 2013 to settle the invoice?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section1.1: Accounting In Action

Problem 1OYO

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Veronica purchased furniture for $3,500.00 and received an invoice dated May 5, 2013
with terms 3/10 n/30. What is the amount of cash discount available for a payment
made on May 12, 2013 to settle the invoice?
$0.00
Round to the nearest cent

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