Chapter 5 W NWP Assessment Player Ul Application Question 12 of 12

NWP 0.28 / 1 Question 12 of 12 View Policies Show Attempt History Current Attempt in Progress At the tkginning of the current soccer season. on May I, 2021. Fullback Szorts has 92 soccer balls in inventory at SIO each The company uses a ikrpetual inventory system and the contract-based approach tor revenue recognition Based on past experience, Fullback's managernent estimates returns at ot sales and has a stated return gx)licy of 15 days from the date Of sale The following sales transactions occurred in May; May 5 10 12 17 31 Sold 15 soccer balls to Wolverine Soccer Club for $20 each, n/30_ Soccer Club returned 3 Of the balls after determining it had purchased more balls than it needed Fullback gave Wolverine a credit on its account and returned the balls to inventory Sold 35 balls at $20 each to cash Customers. 7 of tiw balls purchased for cash on 10 were returned for cash because they were damaged. The balls were scrapped. Sold 21 balls to Spectre Community Club for $20 each, n/30. Collected cash from Wolverine Soccer Club for the amount owing. Your is partially correct. Record the transactions for the month Of May for Fullbock Sports. (Credit account titles are automatically indented when NO Entry" for the