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On April 1, 2021 Smith, Inc. sells 40 units of its product to Allen Company, on account. The sales price per unit is $50. Smith's

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On April 1, 2021 Smith, Inc. sells 40 units of its product to Allen Company, on account. The sales price per unit is $50. Smith's cost per unit is $18. Terms: Net 30. FOB Shipping Point. Shipping costs are $25 and paid in cash by the responsible party. Prepare the appropriate journal entries for Smith, Inc. April 1 - April 1 (shipping if necessary) April 30- Allen Co. pays their account in full

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