Question
Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and reports under ASPE. May 2 Sold inventory on account
Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and reports under ASPE.
| May 2 | Sold inventory on account to Jameson Inc., terms 2/10, n/30. Selling price $24,000; cost $9,600. | |
| 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 $1,800; cost $720. | |
| 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 $3,000, cost $1,440. | |
| 7 | Received payment in full from Jameson Inc. for the amount due from the sale made on May 2.
|
Record the journal entry or entries for each of the transactions above.
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Governmental and Nonprofit Accounting
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
10th edition
132751267, 978-0132751261
