Problem
Nemo Company uses a perpetual inventory system. During May, the following transactions and events occurred.
May 13 Sold 12 motors at a cost of $40 each to Slate Brothers Supply Company, terms 1/10, n/30. The motors cost Nemo $25 each.
May 16 Twp defective motors were returned to Nemo.
May 22 Received payment in full from Slater Brothers.
Required
Journalize the May transaction for Nemo Company (seller) assuming that Nemo uses a perpetual inventory system.