Use the Following Information for Questions

question 45

Multiple Choice

Use the following information for questions
Richey Co.records purchases at net amounts.On May 5 Richey purchased merchandise on account, $16,000, terms 2/10, n/30.Richey returned $1,200 of the May 5 purchase and received credit on account.At May 31 the balance had not been paid.
-By how much should the account payable be adjusted on May 31?

• A)$0.
• B)$344.
• C)$320.
• D)$296.

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Definitions:

Simplify

The act of making an expression as simple as possible.

Expression

A combination of symbols that jointly express a quantity or number, which can include variables, constants, and operating symbols.

Simplify

The process of making a mathematical expression as simple as possible by performing all operations and reducing to the fewest terms.

Expression

A mathematical phrase that can contain numbers, variables, and operation symbols but doesn't have an equal sign.