Modern Enterprises Co purchases $200,000 of merchandise with credit terms of 3/10, n60 on March, 4th, 2020 and shipping terms FOB Destination from Al Maha Trading LLC. What Journal entry will be recorded by Al Maha Trading LLC, if it receives the payment from Modern Enterprises on March, gth 2020? Dr Cash $194,000 Dr Discount Received $6,000 Cr. Trade Payables $200,000 Dr Cash $194,000 Dr Discount Allowed $6,000 Cr Trade Payables $200,000 Dr Cash $194,000 Dr Discount Allowed $6,000 Cr Trade Receivables $200,000 Dr Cash $194,000 Dr Discount Received $6,000 Cr Trade Receivables $200,000
Modern Enterprises Co purchases $200,000 of merchandise with credit terms of 3/10, n60 on March, 4th, 2020 and shipping terms FOB Destination from Al Maha Trading LLC. What Journal entry will be recorded by Al Maha Trading LLC, if it receives the payment from Modern Enterprises on March, gth 2020? Dr Cash $194,000 Dr Discount Received $6,000 Cr. Trade Payables $200,000 Dr Cash $194,000 Dr Discount Allowed $6,000 Cr Trade Payables $200,000 Dr Cash $194,000 Dr Discount Allowed $6,000 Cr Trade Receivables $200,000 Dr Cash $194,000 Dr Discount Received $6,000 Cr Trade Receivables $200,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6E
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