Helner Company maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its inventory during the year: Feb. 1 Beginning inventory 20,000 units Mar. 12 Purchased 70,000 units for $12.70 each. May 30 Sold 50,000 units for $20.00 each. Aug. 22 Purchased 50,000 units for $12.90 each. Oct. 9 Sold 70,000 units for $20.00 each. Nov. 19 Purchased 40,000 units for $13.25 each. Dec. 31 Ending inventory 60,000 units.

8. Reginald Inc. manufactures batteries. On August 1, 2023, the company sold 1,000 batteries to Jetson Industries for $50 each. The terms of the sale were 2/10, n/30. Reginald uses the gross method of accounting for cash discounts. Prepare the journal entries to record the sale on August 1, (ignore the cost of goods sold) and collection on August 9, 2023.