Question: 5 Presented below are transactions related to Ali Company. 1. On June 4, Ali Company sold OMR670,000 of merchandise to Ahmed Co., terms 2/10, 1/30, FOB shipping point. The cost of the merchandise sold was OMR450,000 2. On June 9, Ahmed Co. was granted an allowance of OMR30,000 for merchandise purchased on June 4. 3. On June 14, Ali Company received the balance due from Ahmed Co. Instructions: a. Prepare the journal entries to record these transactions on Ali Company records, using a perpetual inventory system. b. Assume that Ali Company received the balance due from Ahmed Co. on July 2 of the following year instead of June 14. Prepare the journal entry to record the receipt of payment on July 2. Solution: Solution: Date Account name Dr