A Merritt Island owner invoice is $176,250. A $8,250 credit memo and a $119,500 payment are posted. What receivable balance remains?
Correct Answer
B) $48,500
The remaining balance is $176,250 − $8,250 − $119,500 = $48,500. The $56,750 option ignores the credit; $168,000 ignores the payment. Adding the credit instead of subtracting it gives $65,000.
Why This Is the Correct Answer
The remaining balance is $176,250 − $8,250 − $119,500 = $48,500. The $56,750 option ignores the credit; $168,000 ignores the payment. Adding the credit instead of subtracting it gives $65,000.
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