Q1

Q2

A company just starting business made the following two inventory purchases in June: A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is: Riyadh Company sold goods worth SR100,000 on credit. Cash discount is 5% if settled within 10 days since the invoice date. The company felt the discount would NOT be taken. However, the customer accepted the discount and paid in 8 days after the invoice date. Riyadh Company's journal entry for the cash receipt will be