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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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