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Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and reports under ASPE. Sold inventory on account to
Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and reports under ASPE. Sold inventory on account to Jameson Inc., terms 2/10, n/30. Selling price $24,800; cost $9.920. May 2 3 Received a portion of the inventory sold on the previous day because it was damaged inventory that could never be sold in the future. Selling price $1,860; cost $744. 5 Received a portion of the inventory sold on May 2 that was in good condition and could be sold to other customers in the future. Selling price $3,140, cost $1.488. Received payment in full from Jameson Inc. for the amount due from the sale made on May 2. 7 wecora the journar entry or entries for each or the transactions above Date May 2 # Account Titles and Explanation Accounts Receivable reve Debit III Credit
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May 2 Sold inventory on account to Jameson Inc terms 210 n30 Selling price 24800 Cost 9920 May 3 Rec...Get Instant Access to Expert-Tailored Solutions
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