On July 1, the company receives an invoice for $800 with the terms 1/10, net 30. On July 15 , the payment should be

Step 1: Break Down the Problem

1. Identify the invoice amount: $800.
2. Understand the payment terms: 1/10, net 30.
   • This means a 1% discount is available if payment is made within 10 days.
   • Otherwise, the total amount is due in 30 days.

Step 2: Relevant Concepts

• Calculation of discount: $\text{Discount} = \text{Invoice Amount} \times \text{Discount Rate}$
• Payment amount after discount: $\text{Payment Amount} = \text{Invoice Amount} - \text{Discount}$

Step 3: Analysis and Detail

1. Determine the date of payment:

   • Invoice date: July 1
   • Payment date: July 15 (within the 10-day period).

2. Calculate the discount: $\text{Discount} = 800 \times 0.01 = 8$

3. Compute the payment amount: $\text{Payment Amount} = 800 - 8 = 792$

Step 4: Verify and Summarize

• Since the payment is made within the discount period, the discount applies.
• The calculations confirm that the total amount due after applying the discount is $792.

Final Answer

The payment on July 15 should be $792.