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Question - BBMat Ltd. is a private corporation using a perpetual inventory system, FIFO cost formula and ASPE. Statistics on past sales show an estimated return rate of 2%. On January 1st, BBMat Ltd had 24 mattresses in inventory purchased for $345 each on December 13. During the month of January 2022, the following transactions occurred:
Jan 4 - Purchased 78 mattresses on account at a cost of $360 each from Sleepy Ltd., terms EOM, FOB shipping point.
Jan 10 - Sold 30 mattresses on account to eHotel for $650 each, terms 2/10, n30.
Jan12 - Received 2 defective mattresses back from eHotel.
Jan 19 - Receive the payment of eHotel for the sales of January 10th.
Jan 30 - Paid Sleepy Ltd. for the purchase of January 4.
Required - Prepare journal entries to record the above transactions.
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