a company purchased $10,000 of merchandise on june 15 with terms of 3/10, n/45, and fob shipping point. on june 20, it returned $800 of that merchandise. the shipping charges for the purchase totaled $500. on june 24, it paid the balance owed for the merchandise taking any discount it is entitled to. the cash paid on june 24 equals:

The purchasing term 3/10, n/45, means: if the buyer makes payment within 10 days, it will be eligible for 3% discount, otherwise the buyer should pay the net amount within 45 days from the invoice date.

Data from the problem:

June 15 : Make a purchase $10,000

June 20: - return $800

June 24 : pay the invoice

Since the payment made in 9 days, the 3% discount applied.

Net purchase before discount = 10,000 - 800 = 9,200

Discount = 3% x 9,200 = 276

Net purchase after discount = 9,200 - 276 = 8,924

Hence, the on June 24, the buyer should pay:

8,924 + 500 (shipping cost) = 9,424

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