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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 $455,000.
24 August Goods repackaged and ready for sale. Cost incurred, $59,600.
10 September Goods delivered to customer. Agreed-on price, $707,400.
22 November Customer paid.
Required:
- Prepare journal entries assuming that the revenue is recognized 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 respite
1-c preparation of goods to resell
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