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. If Happy Valley pays the invoice on the seventeenth day, Accounts Payable will be:_________.

Question

04-12-2019
Business

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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. If Happy Valley pays the invoice on the seventeenth day, Accounts Payable will be:_________.

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stokholm stokholm · Answer 1 · 2019-12-04T07:52:21+01:00

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.

Parrain Parrain · Answer 2 · 2022-03-10T11:26:00+01:00

Based on the method used to record purchases and the discount involved, the Accounts Payable for Happy Valley Inc. would be $6,500.

The terms 3/15, n/45 mean that Happy Valley would get a 3% discount if they pay within 15 days, otherwise they would have to pay in 45 days.

Happy Valley paid in 17 days which was outside the discount period so they will not get any discount and will pay the full $6,500.

Find out more on trade discounts at https://brainly.com/question/24370366.

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. If Happy Valley pays the invoice on the seventeenth​ day, Accounts Payable will​ be:_________.

Respuesta :

Otras preguntas

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. If Happy Valley pays the invoice on the seventeenth day, Accounts Payable will be:_________.