Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,300O list price. Bally dated the invoice July 30 with 2/10 EOM terms. Intel receives a 20% trade discount. Intel pays the invoice on August 12. On August 1, Intel Corporation returns $800 of the machinery due to defects. What does Intel pay Bally on August 12? Payable amount 2$ 8,512

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

I just can't come up with the right number 

 

Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,300O list price. Bally dated the invoice July 30
with 2/10 EOM terms. Intel receives a 20% trade discount. Intel pays the invoice on August 12. On August 1, Intel Corporation
returns $800 of the machinery due to defects. What does Intel pay Bally on August 12?
Payable amount
2$
8,512
Transcribed Image Text:Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,300O list price. Bally dated the invoice July 30 with 2/10 EOM terms. Intel receives a 20% trade discount. Intel pays the invoice on August 12. On August 1, Intel Corporation returns $800 of the machinery due to defects. What does Intel pay Bally on August 12? Payable amount 2$ 8,512
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Measures
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education