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please answer correctly for me Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory
please answer correctly for me
Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3- Ripper Corporation sold inventory on account to Berners Corp. for $485,000, terms 2/10 n/30. This inventory originally cost Ripper $314,000. December 8- Berners Corp. returned inventory to Ripper Corporation for a credit of $4,000. Ripper returned this inventory to inventory at its original cost of $2, 590. December 12 - Berners Corp. paid Ripper Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Ripper Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What is the amount of net sales to be reported on Ripper Corporation's income statement? Net Sales______Step by Step Solution
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