Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both...
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Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3- Ripper Corporation sold inventory on account to Berners Corp. for $488,000, terms 2/10, n/30. This inventory originally cost Ripper $302,000 December 8- Berners Corp. returned inventory to Ripper Corporation for a credit of $4,600. Ripper returned this inventory to inventory at its original cost of $2,847 December 12 Berners Corp. paid Ripper Corporation for the amount owed. Required a. Prepare the journal entries to record these transactions on the books of Ripper Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Record the entry for sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit Cr Credit Dec 03
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