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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 Jameson
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, 1/30. Selling price $24.800; cost $9.920. May 2 3 5 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. 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 (a) Record the journal entry or entries for each of the transactions above. Date Account Titles and Explanation Debit Cre
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