On October 20, Sunland sells merchandise with a cost of $2,820 to Carla Vista for $4,700 cash. On October 25, Sunland received returned goods from Carla Vista and refunds the amount in cash for items that had a selling price of $470 and a cost of $282. Use a tabular summary to record the transactions for Sunland Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) Date Oct. 20 S 25 Cash Assets Inventory S Liabilities Accounts Payable C

On October 20, Sunland sells merchandise with a cost of $2,820 to Carla Vista for $4,700 cash. On October 25, Sunland received returned goods from Carla Vista and refunds the amount in cash for items that had a selling price of $470 and a cost of $282. Use a tabular summary to record the transactions for Sunland Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) Date Oct. 20 S 25 Cash Assets Inventory S Liabilities Accounts Payable C

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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