(2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 € by credit. On 31/12/20X1, the company "OMEGA" after information on the financial situation of customer "D" expects to receive 500 €. On 20/02/20X2, the company "OMEGA" collects: (A) 450€, (b) 550, (c) 0€. It is requested: to make the relevant journal entries of the above accounting events for each of the cases. (Ignore any tax consequences such as VAT)
(2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 € by credit. On 31/12/20X1, the company "OMEGA" after information on the financial situation of customer "D" expects to receive 500 €. On 20/02/20X2, the company "OMEGA" collects: (A) 450€, (b) 550, (c) 0€. It is requested: to make the relevant journal entries of the above accounting events for each of the cases. (Ignore any tax consequences such as VAT)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 € by credit. On 31/12/20X1, the company "OMEGA" after information on the financial situation of customer "D" expects to receive 500 €. On 20/02/20X2, the company "OMEGA" collects: (A) 450€, (b) 550, (c) 0€.
It is requested: to make the relevant
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