Problem 3 (16 points) On May 1, 2022 Wolf, Inc. sells 500 units of its product to Parks Company, on account. The sales price per unit is $30. Wolf's cost per unit is $10. Terms: Net 30. FOB Destination. Shipping costs are $25 and paid in cash by the responsible party. Prepare the appropriate journal entries for Wolf, Inc.

May 1 -

May 1 (shipping if necessary)

May 30 - Parks Co. pays their account in full.

Problem 3 ( 16 points) On May 1, 2022 Wolf, Inc. sells 500 units of its product to Parks Company, on account. The sales price per unit is $30. Wolf's cost per unit is $10. Terms: Net 30 . FOB Destination. Shipping costs are $25 and paid in cash by the responsible party. Prepare the appropriate journal entries for Wolf, Inc. May 1 (shipping if necessary) Problem 3 continued May 30- Parks Co. pays their account in full. Problem 4 ( 20 points) Prepare a bank reconciliation using the following information