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 $480,000, terms 2/10, n/30. This inventory originally cost Ripper $320,000. December 8 Berners Corp. returned inventory to Ripper Corporation for a credit of $30,000. Ripper returned this inventory to inventory at its original cost of $20,000. December 12 Berners Corp. paid Ripper Corporation for the amount owed. Required: Prepare the journal entries to record these transactions on the books of Ripper Corporation
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