An invoice dated March 12 in the amount of $50,000 is received by Reliance Corporation on March 16. Cash discount terms on the invoice are 3/10, n/30. On March 16 Reliance mails a check in the amount of $8,000 as partial payment on the invoice. The outstanding balance owed on the invoice is

$8,247.42

$41,752.58

$8,240.00

$41,760.00

None of these

Question

An invoice dated March 12 in the amount of $50,000 is received by Reliance Corporation on March 16. Cash discount terms on the invoice are 3/10, n/30. On March 16 Reliance mails a check in the amount of $8,000 as partial payment on the invoice. The outstanding balance owed on the invoice is

$8,247.42
 	
$41,752.58
 	
$8,240.00
 	
$41,760.00
 	
None of these

3mar · Answer

@Directrix

directrix · Answer

> Cash discount terms on the invoice are 3/10, n/30. 

I don't know what the 3/10, n/30 means. 

@Valerie   Please look in your text and see if there is statement about what that means. Thanks.

valerie · Answer

http://www.a-systems.net/qna/question.htm?id=173

3mar · Answer

Thanks, @Directrix for fast response.
I appreciate!