halabassem
Answered

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3 Kate sells goods on credit to Kylie. Kate does not allow cash discount. On 1 May Kylie
owed Kate $350.
The following documents were exchanged in May:
$
May 4
invoice .
420
112
92
8 debit note
10 credit note
19 cheque
26 invoice
350
170
How much did Kylie pay on 31 May to settle her account?
A $148
B $386
C $498
D $610

Sagot :

anthougo

The amount that Kylie paid on May 31 to settle her account is D. $610.

What are debit and credit notes?

A debit note is a commercial paper issued by the buyer in exchange for a credit note from the seller. A credit note can be issued by the seller in exchange for a debit note from the buyer. The seller can also issue debit notes to buyers if the buyers are undercharged or the seller has sent additional goods on previous invoices.

Data and Calculations:

Beginning balance on May 1 = $350

May 4    invoice                         $420

May 8 debit note                          112

May 10 credit note                       (92)

May 19 check                             (350)

May 26 invoice                            170

Ending balance                        $610

Thus, the amount that Kylie paid on May 31 to settle her account is D. $610.

Learn more about notes received from a customer at https://brainly.com/question/7019628

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