Given the following information, calculate, in order, the amount credited and the outstanding balance.

Invoice: $1,000

Terms: 3/10, n/30

Invoice date: May 5

Payment amount: $800

Date paid: May 9

To calculate the amount credited and the outstanding balance, you need to understand the terms provided: 3/10, n/30. These terms indicate that there is a 3% discount if payment is made within 10 days, and the full payment is due within 30 days.

To determine the amount credited, you need to calculate the discount on the invoice amount. Since the payment is made within the discount period (May 5 to May 15), the discount is applicable. Here's how you can calculate the amount credited:

1. Calculate the discount on the invoice amount by multiplying the invoice amount ($1,000) by the discount rate (3%):
Discount = $1,000 x 0.03 = $30

2. Therefore, the amount credited is the invoice amount ($1,000) minus the discount ($30):
Amount Credited = $1,000 - $30 = $970

Now, let's calculate the outstanding balance:

1. The payment on May 9 is $800, so you subtract that from the amount credited:
Outstanding Balance = Amount Credited - Payment Amount = $970 - $800 = $170

Therefore, the amount credited is $970, and the outstanding balance is $170.