QQuestionAccounting
QuestionAccounting
"On July 1, a company receives an invoice for $800 with the terms 1 / 10, net 30. On July 15, the payment should be:
A. $692
B. $790
C. $792
D. $800
E. $808"
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Answer
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Step 1: Understand the problem and identify the relevant information.
- The company received an invoice for $800 on July 1. - The payment terms are 1 / 10, net 30, which means that if the company pays within 10 days, they will receive a 1% discount, and the net amount due is $800. If not, they must pay the full amount within 30 days. - Today's date is July 15, which is after the 10 -day discount period.
Step 2: Calculate the amount the company needs to pay if they do not take the discount.
- The full amount due is $$800$$.
- Since the company did not pay within the 10 -day discount period, they must pay the full amount.
Final Answer
The payment on July 15 should be $800.
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