Prepare a tabular summary to record the following transactions on Sheridan Company's books using a perpetual inventory system. Include margin explanations for the changes in revenues a expenses. a. On September 3, Sunland Company sold $798,000 of merchandise to Sheridan Company on account, terms 2/10, n/30. The cost of the merchandise sold was $490, 200. b. O September 6, Sheridan Company returned $102, 600 of the merchandise purchased on September 3. The seller's cost of the merchandise returned was $68,400. C. On September 13, Sheridan Company paid the balance due to Sunland Company.
Prepare a tabular summary to record the following transactions on Sheridan Company's books using a perpetual inventory system. Include margin explanations for the changes in revenues a expenses. a. On September 3, Sunland Company sold $798,000 of merchandise to Sheridan Company on account, terms 2/10, n/30. The cost of the merchandise sold was $490, 200. b. O September 6, Sheridan Company returned $102, 600 of the merchandise purchased on September 3. The seller's cost of the merchandise returned was $68,400. C. On September 13, Sheridan Company paid the balance due to Sunland Company.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Prepare a tabular summary to record the following transactions on Sheridan Company's books using a perpetual inventory system. Include margin explanations for the changes in revenues and
expenses. a. On September 3, Sunland Company sold $798,000 of merchandise to Sheridan Company on account, terms 2/10, n/30. The cost of the merchandise sold was $490,200. b. On
September 6, Sheridan Company returned $102, 600 of the merchandise purchased on September 3. The seller's cost of the merchandise returned was $68,400. C. On September 13,
Sheridan Company paid the balance due to Sunland Company.
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