Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred.
May 13 Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, n/30. The motors cost Charlie $26 each.
May 16 One defective motor was returned to Charlie.
May 23 Received payment in full from Scruffy Brothers.
Instructions:
Journalize the May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system. You may omit explanations.