Three invoices for the amounts of $35,600, $28,000, and $40,550 were received on August 25, 2014, September 24, 2014, and October 17, 2014, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on October 24, 2014 to settle all three invoices.

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Q: 2024 Dec. 6 Dec. 31 Dec. 31 2025 Mar. 6 Jun. 30 Oct. 2 Dec. 1 Dec. 1 Dec. 30 Received a $2,000,…

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A: An invoice is a list of goods or services provided with a statement of the sum due on it.

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Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.