Prepare the journal entries to record the following transactions on Sheridan Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) (b) (c) On March 2, Skysong Company sold $893,700 of merchandise to Sheridan Company on account, terms 2/10, n/30. The cost of the merchandise sold was $577,200. On March 6, Sheridan Company returned $119,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,300. On March 12, Skysong Company received the balance due from Sheridan Company.

Prepare the journal entries to record the following transactions on Sheridan Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) (b) (c) On March 2, Skysong Company sold $893,700 of merchandise to Sheridan Company on account, terms 2/10, n/30. The cost of the merchandise sold was $577,200. On March 6, Sheridan Company returned $119,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,300. On March 12, Skysong Company received the balance due from Sheridan Company.

Name: Man Prepare the journal entries to record the following transactions o
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Description: Man Prepare the journal entries to record the following transactions on Sheridan Company's books under a perpetual inventory system. (Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles

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 3CE

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