Question
Aurangzeb Company uses a perpetual inventory system. During May, the following transactions and events occurred. May13Sold 8 motors at a cost of $45 each to
Aurangzeb Company uses a perpetual inventory system. During May, the following transactions and events occurred.
May13Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, n/30. The motors cost Charlie $26 each.
May16One defective motor was returned to Charlie.
May23Received payment infull fromScruffy Brothers. Round to nearest dollar.
Instructions
Journalize the May transactions for Aurangzeb Company (seller) if Aurangzeb uses a perpetual inventory system. You may omit explanations. Round amounts to nearest dollar.
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Advanced Financial Accounting
Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey
8th Edition
73526916, 978-0073526911
