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Problem:

Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,700 list price. Bally dated the invoice July 26 with 5/10 EOM terms. Intel receives a 20% trade discount. Intel pays the invoice on August 08. On August 1, Intel Corporation returns $400 of the machinery due to defects.

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Question: What does Intel pay bally on August 08?

Note: Explain all steps comprehensively.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91166537

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