1- Selling a commodity for the amount of 1,000 dinars to the merchant Muhammad and collecting half of it in cash and the rest on the account 2- Buying a commodity for an amount of 7,000 dinars from the merchant Samir and paying a quarter of its value by check from the company's account with the bank 3- The owner Bahaa bought machines for the amount of 5,000 dinars in cash, with half of them being recorded as an addition to the capital and the other half as a debt owed by the company. Required: Determine the debtor party and the credit party from each of the above operations
1- Selling a commodity for the amount of 1,000 dinars to the merchant Muhammad and collecting half of it in cash and the rest on the account 2- Buying a commodity for an amount of 7,000 dinars from the merchant Samir and paying a quarter of its value by check from the company's account with the bank 3- The owner Bahaa bought machines for the amount of 5,000 dinars in cash, with half of them being recorded as an addition to the capital and the other half as a debt owed by the company. Required: Determine the debtor party and the credit party from each of the above operations
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1- Selling a commodity for the amount of 1,000 dinars to the merchant Muhammad and collecting half of it in cash and the rest on the account 2- Buying a commodity for an amount of 7,000 dinars from the merchant Samir and paying a quarter of its value by check from the company's account with the bank 3- The owner Bahaa bought machines for the amount of 5,000 dinars in cash, with half of them being recorded as an addition to the capital and the other half as a debt owed by the company. Required: Determine the debtor party and the credit party from each of the above operations
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