On 3/15 the office supplies company sold A4 paper for 5000 dinars to Al-Reyada University, and the sale included a condition of 2/10 p. 30 or (2/10 Net 30) as expressed in English. On 3/24, the university returned to the company 700 dinars of the amount of paper supplied, after it was found that it was A3 and not the type required, and the university was satisfied with what was supplied. On 3/31, the university paid the value of the paper. Required: Record the journal entries in the books of the office supply company.

On 3/15 the office supplies company sold A4 paper for 5000 dinars to Al-Reyada University, and the sale included a condition of 2/10 p. 30 or (2/10 Net 30) as expressed in English. On 3/24, the university returned to the company 700 dinars of the amount of paper supplied, after it was found that it was A3 and not the type required, and the university was satisfied with what was supplied. On 3/31, the university paid the value of the paper. Required: Record the journal entries in the books of the office supply company.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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