You are the accounts payable clerk at Liszt Music. The manager asks you to pay an invoice

Question:

You are the accounts payable clerk at Liszt Music. The manager asks you to pay an invoice from the supplier Schumann Co. The date of purchase and the date of the invoice is October 15, 2017, for $5,000 of Taylor Swift and Beyoncé Knowles sheet music. The payment terms are 3/15, n/30.
a. What do the purchase terms mean?
b. Calculate the discount amount available.
c. If today is October 28, 2017, calculate the number of days from the date of purchase to the date of payment. Record the journal entry.
d. If today is November 1,2017, calculate the number of days from the date of purchase to the date of payment. Record the journal entry.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...