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12.
On November 10 of the current year, Al-Kamil Co. sold carpet to a customer for OR 8,000 with credit terms 2/10, n/30. Al-Kamil uses the gross method of accounting for cash discounts.
What is the correct entry for Al-Kamil on November 10?
Sales 8,000
cash discounts 160
Sales 7,840
cash discounts 160
Sales 8,000
Sales 7,840
2017 2015 2016
Cost incurred 250,000 1,600,000 450,000
Estimated cost to complete 1,550,000 500,000 0
In 2015, Al –Tawaan would report (rounded to the nearest thousand) gross
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