Morgan Company Received from Lee Company an Invoice Dated September

question 2

Short Answer

Morgan Company received from Lee Company an invoice dated September 27. Terms were 2/10 EOM. List price on the invoice was $5,000 (freight not included). Morgan receives a 9/7 chain discount. Freight charges are Morgan's responsibility, but Lee agreed to prepay the $150 freight charge. Morgan pays the invoice on November 9. What does Morgan pay Lee?

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Definitions:

Testing Standards

The guidelines and criteria used to ensure tests are fair, valid, and reliable.

Standardized Tests

Assessments administered and scored in a consistent, or "standard," manner, used widely in education and psychology.

Qualifications

The credentials, skills, or achievements that make an individual suitable for a particular job or activity.

Educational Testing

The process of evaluating academic knowledge, skills, abilities, or performance through formalized tests and assessments.