Sheridan Company buys merchandise on account from Grouper Company. The selling price of the goods is $1,050, and the cost of the goods is $660. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry titles and enter O for the amounts.) Account Titles and Explanation Sheridan Company (To record credit purchase of inventory) Grouper Company. (To record credit sale) (To record cost of merchandise sold) Debit Credit
Sheridan Company buys merchandise on account from Grouper Company. The selling price of the goods is $1,050, and the cost of the goods is $660. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry titles and enter O for the amounts.) Account Titles and Explanation Sheridan Company (To record credit purchase of inventory) Grouper Company. (To record credit sale) (To record cost of merchandise sold) Debit Credit
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Sheridan Company buys merchandise on account from Grouper Company. The selling price of the goods is $1,050, and the cost of the goods is $660. Both companies use perpetual inventory systems.
Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry
titles and enter O for the amounts.)
Account Titles and Explanation
Sheridan Company
(To record credit purchase of inventory)
Grouper Company
(To record credit sale)
(To record cost of merchandise sold)
Debit
Credit
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