29.

A company collected OMR 5,000 of account receivables within the discount period. The rate of discount was 1.5%. Choose the correct journal entry to record this transaction.

a.

Debit Cash OMR 5,000, and Credit Accounts Receivable OMR 5,000

b.

Debit Cash OMR 4,925, Debit Sales Discount OMR 75 and Credit Accounts receivable OMR 5,000

c.

None of the options

d.

Debit Sales Discount OMR 75 and Credit Accounts Receivable OMR 75

30.

Which of the following is offered by sellers to customers for keeping damaged goods?

a.

Purchases return

b.

Trade discount

c.

Sales discount

d.

Sales allowance