23. a seller’s invoice for $10,000 has credit terms of 1/10, net 30. what amount should the seller expect to…

23. a seller’s invoice for $10,000 has credit terms of 1/10, net 30. what amount should the seller expect to receive if the customer pays in 8 days? select... $9,900 $9,990 $10,000 $9,000

23. a seller’s invoice for $10,000 has credit terms of 1/10, net 30. what amount should the seller expect to receive if the customer pays in 8 days? select... $9,900 $9,990 $10,000 $9,000

Answer

Explanation:

Step1: Understand credit - terms meaning

The credit terms 1/10, net 30 mean a 1% discount if paid within 10 days, full amount due in 30 days.

Step2: Determine if discount applies

The customer pays in 8 days, which is within the 10 - day discount period.

Step3: Calculate the amount received

The invoice amount is $10,000. The discount is 1% of $10,000. The amount received is $10,000\times(1 - 0.01)=10000\times0.99 = 9900$.

Answer:

$9,900