Sheridan Company sold $8,170 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries ignoring cost of goods sold entries when (a) Sheridan makes the sale. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Accounts Receivable Sales Revenue Account Titles and Explanation Sales Returns and Allowances Accounts Receivable (b) Sheridan grants an allowance of $717 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Sales Returns and Allowances Sales Returns and Allowances Debit 8170 Debit 717 Credit (c) at year-end; Sheridan estimates that an additional $219 in allowances will be granted to Elkins. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) 219 Credit 8170 Credit 717 219
Sheridan Company sold $8,170 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries ignoring cost of goods sold entries when (a) Sheridan makes the sale. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Accounts Receivable Sales Revenue Account Titles and Explanation Sales Returns and Allowances Accounts Receivable (b) Sheridan grants an allowance of $717 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Sales Returns and Allowances Sales Returns and Allowances Debit 8170 Debit 717 Credit (c) at year-end; Sheridan estimates that an additional $219 in allowances will be granted to Elkins. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) 219 Credit 8170 Credit 717 219
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sanj
Please give me correct answer with explanation
Transcribed Image Text:Sheridan Company sold $8,170 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries ignoring cost of
goods sold entries when
(a) Sheridan makes the sale. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.)
Account Titles and Explanation
Accounts Receivable
Sales Revenue
Account Titles and Explanation
Sales Returns and Allowances
Accounts Receivable
(b) Sheridan grants an allowance of $717 when some of the shelving does not meet exact specifications but still could be sold by Elkins.
(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 the amount is entered. Do not indent manually. List debit entry before credit entry.)
Account Titles and Explanation
Debit
Sales Returns and Allowances
Sales Returns and Allowances
Debit
8170
Debit
717
Credit
(c) at year-end; Sheridan estimates that an additional $219 in allowances will be granted to Elkins. (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 the amount is entered. Do not
indent manually. List debit entry before credit entry.)
219
Credit
8170
Credit
717
219
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