• On March 1, Hadadi purchased equipment from Amjeed Company on Cash for 100,000 SAR • On March 5, Hadadi purchased merchandise from Amjeed Company for 300,000 SAR and cost of goods was 200.000 SAR,terms 2/10, net/90, FOB shipping point. • On March 6, Hadadi returned damaged merchandise to Amjed Company and was granted a 50,000 SAR credit for returned merchandise and cost of goods was 10.000 SAR. • On May 10, Hadadi Sales 40.000 SAR merchandise to Amjed Company on account and cost of goods was 35000 SAR. On June 4, Hadadi Company paid the amount to Amjed Company. Q1. Prepare the journal entry to record the transaction under a perpetual inventory system and periodic inventory system in Amjed Company: Date perpetual inventory system periodic inventory system
• On March 1, Hadadi purchased equipment from Amjeed Company on Cash for 100,000 SAR • On March 5, Hadadi purchased merchandise from Amjeed Company for 300,000 SAR and cost of goods was 200.000 SAR,terms 2/10, net/90, FOB shipping point. • On March 6, Hadadi returned damaged merchandise to Amjed Company and was granted a 50,000 SAR credit for returned merchandise and cost of goods was 10.000 SAR. • On May 10, Hadadi Sales 40.000 SAR merchandise to Amjed Company on account and cost of goods was 35000 SAR. On June 4, Hadadi Company paid the amount to Amjed Company. Q1. Prepare the journal entry to record the transaction under a perpetual inventory system and periodic inventory system in Amjed Company: Date perpetual inventory system periodic inventory system
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:• On March 1, Hadadi purchased equipment from Amjeed Company on Cash for 100,000 SAR
• On March 5, Hadadi purchased merchandise from Amjeed Company for 300,000 SAR and cost of goods
was 200.000 SAR,terms 2/10, net/90, FOB shipping point.
• On March 6, Hadadi returned damaged merchandise to Amjed Company and was granted a 50,000 SAR
credit for returned merchandise and cost of goods was 10.000 SAR.
• On May 10, Hadadi Sales 40.000 SAR merchandise to Amjed Company on account and cost of goods
was 35000 SAR.
• On June 4, Hadadi Company paid the amount to Amjed Company.
Q1. Prepare the journal entry to record the transaction under a perpetual inventory system and periodic
inventory system in Amjed Company:
Date perpetual inventory system
periodic inventory system
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