Question
The Arab bank accepts and opens the request of Electra company for the $100,000 letter of credit, the bank requires a 3% of the LC
The Arab bank accepts and opens the request of Electra company for the $100,000 letter of credit, the bank requires a 3% of the LC amount restricted deposit, and requires $1,000 fees on issuance letter of credit. the customer have a foreign currency current account. Record all restrictions for Letter of credits from the beginning of opening the credit until it is finally closed.
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