Make the required entries for Supply Company, a seller of specialized nutritional supplements, for the month...
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Make the required entries for Supply Company, a seller of specialized nutritional supplements, for the month of Mat, 2019. May 1 Supply sold Purchaser Company 100 cartons of its nutritional product at a cost of $60 per carton. Supplier's cost of manufacturing and packaging this product was $30 per carton. Terms of sale were 2/10/net 30. May 4 Purchaser Company returned 15 cartons for credit to Supply Company indicating that its original order was for 85 cartons instead of the 100 cartons shipped. May 9 Purchaser Company pays in full for 90 cartons of food supplements. May 15 Supply Company performs an audit of its inventory which was recorded in the perpetual inventory record at $400,000. However, the inventory count and compilation indicated the value of the inventory to be $385,000. Make the required entries for Supply Company, a seller of specialized nutritional supplements, for the month of Mat, 2019. May 1 Supply sold Purchaser Company 100 cartons of its nutritional product at a cost of $60 per carton. Supplier's cost of manufacturing and packaging this product was $30 per carton. Terms of sale were 2/10/net 30. May 4 Purchaser Company returned 15 cartons for credit to Supply Company indicating that its original order was for 85 cartons instead of the 100 cartons shipped. May 9 Purchaser Company pays in full for 90 cartons of food supplements. May 15 Supply Company performs an audit of its inventory which was recorded in the perpetual inventory record at $400,000. However, the inventory count and compilation indicated the value of the inventory to be $385,000.
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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