[pianoqueen69]

I have a final assignment due and have several ledgers I have to fill out. At this point I cannot continue as I am seriously stuck on one problem. Any assistance in this would be greatly appreciated. The problem is one but have several along the same lines. If I can understand just one, I should be able to complete the others with no problem.

The problem:
May 10 Purchased $4,074 of office equipment on credit from Gear Supply Co. invoice dated May 10, terms n/10 EOM.

May 19 Issued Check No. 3413 to Garcia, Inc. in payment of its May 10 invoice less the discount.

[mslisah]

this means that because the invoice was paid before the end of month, the customer get's a ten percent discount. So you would multiply 4074 by ten percent, subtract that from the purchase made on account, and that is what the check should be written for.

4074 * .10 = 407.40
4074-407.40= 3666.60 ( what customer owes)