Final answer:
Stacy's receives a credit of $256 because the partial payment was made after the discount period, and the outstanding balance is $934 after subtracting the partial payment from the original invoice amount.
Step-by-step explanation:
The student's question relates to the calculation of a credit received for a partial payment and the resulting outstanding balance on an invoice with specified payment terms. Stacy's Dress Shop received an invoice for $1,190 with payment terms of 4/10, 3/15, n/60. A partial payment of $256 was made on August 05.
To determine the credit Stacy's should receive, we first need to check if the payment was made within the discount period. The terms 4/10, 3/15, n/60 mean the shop can take a 4% discount if paid within 10 days, a 3% discount if paid within 15 days, and the net amount is due within 60 days. Since the payment was made after the discount period (on the 14th day), no discount applies. Therefore, the credit Stacy's receives is the full amount of the partial payment: $256.
The outstanding balance is then calculated by subtracting the partial payment from the original invoice amount: $1,190 - $256 = $934. Thus, Stacy's outstanding balance is $934.