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

Step 1: Define the Problem

Identify the key components of the question:

• Invoice amount: $800
• Payment terms: 1/10, net 30
• Payment date: July 15

Step 2: Break Down the Problem

• Determine if the payment date falls within the discount period.
• Calculate the discount amount if applicable.
• Determine the final payment amount.

Step 3: Apply Relevant Concepts

• Discount Terms: 1/10 means a 1% discount is available if the invoice is paid within 10 days.
• Net Terms: Net 30 means the full invoice amount is due within 30 days.

Step 4: Analysis, Verify and Summarize

• Discount Period: The invoice date is July 1, so the discount period ends on July 10.
• Payment Date: July 15 is after the discount period.
• Since the payment is made after the discount period, no discount is applied.

Final Answer

The payment on July 15 should be the full invoice amount of $800.