Tesoro Corp

question 142

Essay

Tesoro Corp.uses a perpetual inventory system.The following activities occurred during May:
-May 2 - Tesoro purchased $45,000 worth of inventory,on credit terms 3/10 n/30.
-May 2 - Because the terms of the purchase were FOB shipping point,Tesoro pays $1,200 to the trucker.
-May 5 - Tesoro returned $5,000 worth of that inventory to the supplier.
-May 10 - Tesoro paid for the inventory,taking advantage of all available discounts.
Required:
Prepare the journal entries to record these transactions on the books of Tesoro Corp.

---

Definitions:

Output Module

A component in control systems that processes signals from the controller to operate actuators or other output devices.

Internal Output

The result or effect produced within a system, not directly observable or accessible from outside the system.

Output Field Device

A device that receives signals or data from a control system and performs actions in the physical world, like actuators or valves.