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The following information is for Cappelio Appliance Company, which uses the perpetual inventory system: June2 Sold 70 toaster ovens to the Motor lnn for $7,700
The following information is for Cappelio Appliance Company, which uses the perpetual inventory system: June2 Sold 70 toaster ovens to the Motor lnn for $7,700 on account. Credit terms: n/30. Quantity discounts of 10% are given on all orders of 65 or more idems. Cost of each toaster oven was $50. 5Cash sales of 50 toaster ovens amounted to $5,500. Cost was $50 each. 8 Credited the Motor Inn account for $495 as an adjustment on 5 damaged units purchased by the Motor Inn on June 2. The units cost $250 and were scrapped. 15Received a cheque from the Motor Inn in full payment of its account. Instructions Record the above transactions in the general journal
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