Elements Of Cost Accounting

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Topic- Cost analysis of privatization of a public service

Sudan Company allows customers to use either of two credit cards: VISOS or MENTOS cards. VISOS cards deduct 1% service charge for sales on its credit card and immediately credits the bank account of Sudan. MENTOS cards deduct 2% service charge and usually pays within one week (delayed). The following transactions happened during August: Aug. 4 Sold $5,000 of goods to Customer (Faris) who used VISOS card.Aug. 10 Sold $6,000 of goods to customer (Amel) who used MENTOS card.Aug. 17 Received check represent the amount due from MENTOS card.Required: Prepare journal entries to record above transactions.

Write below the journal entry when customer-Hadi paid his outstanding balance of $12,500 and received discount according to theterm (1.5/15, N/30).

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