SALES WITH REPURCHASE

4 journal entries

7/1/2020	Rubber Ducky Co. signs a contract to sell some Rubber Ducky Bath Sets
	to Big Baby Co. for		$ 2,000
	Rubber Ducky agrees to repurchase these Bath Sets on June 30, 2020 for					$ 2,100
	(imputed interest rate is 5%)
Instructions:
1-Jul	Prepare the journal entry for Rubber Ducky to transfer the asset to Big Baby
2020	Prepare any other necessary journal entries for Rubber Ducky
	Prepare the journal entry for Rubber Duckywhen the bath sets are repuchased
	in June 2021
Date	Account Title			Debit	Credit