Question: Ashton Machine Shop generated scrap materials with a total sales value of 1,500. The scrap is returned to the storeroom & is sold quickly for

Ashton Machine Shop generated scrap materials with a total sales value of 1,500. The scrap is returned to the storeroom & is sold quickly for cash.

Prepare the entry to record the sale assuming:

a) scrap sales are accounted for as revenue

b) the scrap above is traced to Job #10

c) scrap is common to all jobs

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