Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)

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: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
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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS