Nen Company uses a perpetual inventory system. During May, the following transactions and events occurred. May...

 

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Nen Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 12 motors at a cost of $40 each to Slater Brothers Supply Company, terms 1/10. n/30. The motors cost Nen $25 each. May 16 Two defective motors were returned to Nen. May 23 Received payment in full from Slater Brothers. Instructions. Journalize the May transactions for Nen Company (seller) assuming that Nen uses a perpetual inventory system. You may omit explanations. An NIA, LO 3. Boom AP Duty Medium, Min & AACSB Analyse, AICPA BB: LegaiRegulatory, AICPA FN Mement, AICPA PC P Solving, IMA FSA Solution 191 (8 min.) May 13 May 16 May 23 Accounts Receivable. Sales Revenue.. Cost of Goods Sold. Inventory.. Sales Returns and Allowances.. Accounts Receivable. Inventory. Cost of Goods Sold.. Cash. Sales Discounts ($400 x .01) Accounts Receivable ($480-$80) www. 480 300 80 50 396 480 300 80 50 400 Nen Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 12 motors at a cost of $40 each to Slater Brothers Supply Company, terms 1/10. n/30. The motors cost Nen $25 each. May 16 Two defective motors were returned to Nen. May 23 Received payment in full from Slater Brothers. Instructions. Journalize the May transactions for Nen Company (seller) assuming that Nen uses a perpetual inventory system. You may omit explanations. An NIA, LO 3. Boom AP Duty Medium, Min & AACSB Analyse, AICPA BB: LegaiRegulatory, AICPA FN Mement, AICPA PC P Solving, IMA FSA Solution 191 (8 min.) May 13 May 16 May 23 Accounts Receivable. Sales Revenue.. Cost of Goods Sold. Inventory.. Sales Returns and Allowances.. Accounts Receivable. Inventory. Cost of Goods Sold.. Cash. Sales Discounts ($400 x .01) Accounts Receivable ($480-$80) www. 480 300 80 50 396 480 300 80 50 400