Jud-Jo Distributors Received an Invoice Dated September 22 in the Amount

question 38

Multiple Choice

Jud-Jo Distributors received an invoice dated September 22 in the amount of $97.50. The credit terms were 2 / 15, N / 30. A penalty of 6% is imposed for payments made after 30 days. Jud-Jo made a partial payment on October 6 of $50.00 and paid the balance on October 25. What was the amount due?

• A) $48.50
• B) $49.27
• C) $46.48
• D) $47.50

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Definitions:

Cancel

The act of nullifying or terminating an agreement, subscription, or service.

Explicit Information

Information that is fully and clearly expressed, leaving nothing implied, often detailed and specific.

Federal Exemptions

Legal provisions that allow individuals to protect specific assets from being seized by creditors, particularly in bankruptcy.

Bankruptcy Relief

Bankruptcy relief is the alleviation of debt that a debtor achieves through the legal process of bankruptcy, under which certain debts can be restructured, reduced, or eliminated.