Problem:
On April 30th company purchased inventory of $8,000 on an account from a supplier. The terms were 3/15 net 45( 3% of total, if paid in 15 days or full amount if paid in 45 days). After receiving goods the buyer realized that $1,000 of the goods are defective. The buyer then returns the defective goods on May 4th.
To pay the remaining amount owed, the buyer borrows the net amount of the original invoice from the bank. Then on May 14th, The buyer signed a short term note payable to the bank and immediately paid the borrowed funds to his supplier. On June 14th the buyer then paid the bank the net amount of the invoice, plus 1% interest (rounded to the nearest dollar).