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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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.
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