On 10/1/2020, Al-Salam stores purchased goods from Al-Hamid stores for the amount of 800,000 dinars on the account with a 10% commercial discount and a cash discount on payment terms (6/10, 4/15, N/ 30). On January 18, 2020, AlI Salam stores paid half the amount owed by the bank. On 30/1/2020, Al-Salam stores paid the remaining amount of the price of the goods purchased through the bank. What is the entry that was recorded in the records of Al Salam stores on 01/30/2020: * 360000 from h/ creditors, 43200 to h/ earned discount, 316800 to h/ bank 360,000 from h/ creditors, 360,000 to h/ bank 316800 from h/bank, 43200 from h/ discount allowed, 360,000 to h/debtors 720,000 from h/ purchases, 720,000 to h/ creditors A 5:13

On 10/1/2020, Al-Salam stores purchased goods from Al-Hamid stores for the amount of 800,000 dinars on the account with a 10% commercial discount and a cash discount on payment terms (6/10, 4/15, N/ 30). On January 18, 2020, AlI Salam stores paid half the amount owed by the bank. On 30/1/2020, Al-Salam stores paid the remaining amount of the price of the goods purchased through the bank. What is the entry that was recorded in the records of Al Salam stores on 01/30/2020: * 360000 from h/ creditors, 43200 to h/ earned discount, 316800 to h/ bank 360,000 from h/ creditors, 360,000 to h/ bank 316800 from h/bank, 43200 from h/ discount allowed, 360,000 to h/debtors 720,000 from h/ purchases, 720,000 to h/ creditors A 5:13

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...

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