Ed's print shop received an invoice dated may 10 for $2,500 with terms 3/10, 1/15, n/60. on may 22, ed's print shop sent a partial payment of $2,000.
what is the actual amount that should be credited?
what is ed's print shop's outstanding balance

Amount to be credited = $2,020

Outstanding balance = $480

Explanation:

The payment terms state that

3% discount may be taken within 10 days of the invoice date (up to May 20); or  1% discount may be taken within 15 days of the invoice date (after May 20 but not later than May 25); or The net amount is due within 60 days of the invoice date if advantage is not taken of the cash discounts offered. The  3% cash discount is not applicable as the payment was made on May 22 which is after the end of the discount period. However, the 1% discount is allowed, since payment on May 22 is within the 15-day period for the 1% discount.

Amount to be credited

= 2000 / (1−0.01)

= 2000 / (0.99)

= $2,020

Outstanding balance

= 2500 - 2020

= $480

It would be contaminated with germs

Do you have a picture?