Current Attempt in Progress The following transactions are for Sheridan Company. 1. On December 3, Sheridan Company sold $460,000 of merchandise to Sunland Co. on account. The cost of the merchandise sold was $303,600. 2. On December 8, Sunland Co. returned $23,000 of merchandise purchased on December 3. The cost of the goods was $14,720. 3. On December 13, Sheridan Company received the balance due from Sunland Co. Prepare a tabular summary to record these transactions for Sheridan Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. Reductions in revenues require a negative sign or parentheses.
Current Attempt in Progress The following transactions are for Sheridan Company. 1. On December 3, Sheridan Company sold $460,000 of merchandise to Sunland Co. on account. The cost of the merchandise sold was $303,600. 2. On December 8, Sunland Co. returned $23,000 of merchandise purchased on December 3. The cost of the goods was $14,720. 3. On December 13, Sheridan Company received the balance due from Sunland Co. Prepare a tabular summary to record these transactions for Sheridan Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. Reductions in revenues require a negative sign or parentheses.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:S
Liabilities
Accts.
Pay.
Common Stock
eTextbook and Media
List of Accounts
$
Common Stock
Rev.
Stockholders' Equity
460,000
$
Rev.
Stockholders' Equity
Exp.
460,000
Retained Earnings
303,600
23,000
-14,720
Retained Earnings
Exp.
Sales revenue
Cost of goods sold
303,600
23,000
14,720
Sales returns & allowances
Accounts recievable
Bad debt expense
Cost of goods sold
Sales returns & allowances
Sales revenue

Transcribed Image Text:Current Attempt in Progress
The following transactions are for Sheridan Company.
1.
2.
On December 8, Sunland Co. returned $23,000 of merchandise purchased on December 3. The cost of the goods was
$14,720.
3. On December 13, Sheridan Company received the balance due from Sunland Co.
Prepare a tabular summary to record these transactions for Sheridan Company using a perpetual inventory system. Include margin
explanations for the changes in revenues and expenses.
On December 3, Sheridan Company sold $460,000 of merchandise to Sunland Co. on account. The cost of the merchandise
sold was $303,600.
Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.
Increases in expenses require a negative sign or parentheses.
Reductions in revenues require a negative sign or parentheses.
Date
Dec. 3 $
8
13
eTextbook and Media
Cash
43,700
Assets
Accts.
Rec.
460,000
-23,000
437,000
$
Inventory
-303600
14,720
Liabilit
Acct
Pay
Assistance Used
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