Required information The following information applies to the questions displayed below. Stolte Trimble Corporation (STC)...
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Required information The following information applies to the questions displayed below. Stolte Trimble Corporation (STC) uses a perpetual inventory system. At the beginning of May, STC had 40 units of inventory, of which 20 units were purchased in March for $98 per unit and 20 units were purchased in April for $104 per unit. STC uses its perpetual inventory system to account for the following transactions May 2 STC shipped 35 units of inventory to customers for $188 per unit, on credit terms n/60, FOB shipping point May 4 STC purchased and received 30 units of inventory for $108 per unit, on credit terms n/45 May 8 STC shipped 30 units of inventory to customers for $188 per unit, on credit terms n/60, FOB shipping point Required: Assume STC uses FIFO in its perpetual inventory system. Prepare the journal entry for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) iew transaction list Journal entry worksheet 4 Record the sale of units to customers on credit terms n/60 Note: Enter deblts before credits. Date General Journal Debit Credit May 02 Record entry Clear entry View general journal
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