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Record the journal entry or entries for each of transactions

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Reference no: EM133135909

Question - Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and reports under ASPE.

May 2 Sold inventory on account to Jameson Inc., terms 2/10, n/30. Selling price $19,200; cost $7,680.

May 3 Received a portion of the inventory sold on the previous day because it was damaged inventory that could never be sold in the future. Selling price $1,440; cost $576.

May 5 Received a portion of the inventory sold on May 2 that was in good condition and could be sold to other customers in the future. Selling price $2,160, cost $1,152.

May 7 Received payment in full from Jameson Inc. for the amount due from the sale made on May 2.

Required - Record the journal entry or entries for each of the transactions above.

Reference no: EM133135909

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