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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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