Question
Maypole Industries imports goods from Taiwan and resells them to domestic Canadian markets. Maypole uses a perpetual inventory system. A typical transaction stream follows: 18
Maypole Industries imports goods from Taiwan and resells them to domestic Canadian markets. Maypole uses a perpetual inventory system. A typical transaction stream follows: 18 July Purchased goods for $459,000. 24 August Goods repackaged and ready for sale. Cost incurred, $60,300. 10 September Goods delivered to customer. Agreed-on price, $715,600. 22 November Customer paid. Required: 1. Prepare journal entries assuming that the revenue is recognised the following critical events: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1-a. Delivery to customer.1-b. Cash receipt. 1-c. Preparation of goods for resale. 2. This part of the question is not part of your Connect assignment.
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