Current Attempt in Progress Prepare journal entries to record the following sales transactions in Sandhill Company's books. Sandhill uses a perpetual inventory system. Jan. 2 4 6 Sandhill sold $14,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $5,530. The correct company paid freight costs of $245. Xiaoyan returned $1,600 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $630, and it was restored to inventory. Feb. 1 Sandhill received the balance due from Xiaovan.
Current Attempt in Progress Prepare journal entries to record the following sales transactions in Sandhill Company's books. Sandhill uses a perpetual inventory system. Jan. 2 4 6 Sandhill sold $14,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $5,530. The correct company paid freight costs of $245. Xiaoyan returned $1,600 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $630, and it was restored to inventory. Feb. 1 Sandhill received the balance due from Xiaovan.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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