Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information to answer questions (1-2) On 1/5/2017 Arab bank main branch received bill (promissory) from Aqaba company of ID 40000 for discount

image text in transcribed
image text in transcribed
Use the following information to answer questions (1-2) On 1/5/2017 Arab bank main branch received bill (promissory) from Aqaba company of ID 40000 for discount Ou 2/3/2017 Arab lank discoted that hill at 94 interest rate, commission on discount, and.003 stops the bank crediting: Aqaba company credit current accou" by the set value of the ball the will promittory) maturity date on 11102017 1. The credit side in the journal entry prepared ca 1/5/2017 contains the following scout A 40000 Bills for discount B 40000 Endorsers bills for discount c. 1600 Discount commission D. 40000 Bills discounted 2. The journal entry prepared when bill is discounted on 2/5/2017 coutaites in credit ride the following accounts: A 1500 interest on disco 1600 Discount como 120 Stamps 36750 CCA-Aqsa company To https://t.copedijapo//ero109 11DVD Remaining Time: 34 minutes, 28 seconds Question Completion Status A 1500 interest on discount 1600 Discount commission 120 stamme 16780 CCA Aby B1800 interest on discos 1600 Discount com 120 stamp 36450 CCA. Agaba company C 40000 Bills Discounted D1500 iterest on disco 6666 Discount concion 120 tamps 177134 CCA.Aqaba company C E 116F A 452021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting an introduction to concepts, methods and uses

Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis

13th Edition

978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003

More Books

Students also viewed these Accounting questions

Question

what is debit?

Answered: 1 week ago

Question

What are the steps in the T&D process?

Answered: 1 week ago

Question

Define training and development.

Answered: 1 week ago