Question: *E5.19 (LO 7) Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and reports under ASPE. May 2

*E5.19 (LO 7) 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 $20,000; cost $8,000. 3 Received a portion of the inventory sold on the previous day because it was damaged and could never be sold in the future. Selling price $1,500; cost $600. 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 $2,000, cost $1,200. 7 Received payment in full from Jameson Inc. for the amount due from the sale made on May 2. Instructions a. Record the journal entry or entries for each of the transactions above. b. Would the journal entry for the May 7 cash receipt be recorded differently if Resistant received the payment on May 27 instead of May 7? If so, why? If so, record the journal entry.

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