Sheridan Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) (b) (c) No. Prepare all necessary journal entries for Sheridan. (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. List all debit entries before credit entries.) (a) (1) (a) (2) (b) On July 1, (1) Sheridan purchased $69,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Sheridan paid freight costs of $1,095. O On July 3, Sheridan returned damaged goods and received credit of $6,900. On July 10, Sheridan paid for the goods. Date July 1 July 1 July 3 July 10 V Account Titles and Explanation Inventory Accounts Payable Freight-In Cash Accounts Payable Inventory Accounts Payable Inventory Debit 69000 1095 6900 Credit 69 1 6
Sheridan Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) (b) (c) No. Prepare all necessary journal entries for Sheridan. (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. List all debit entries before credit entries.) (a) (1) (a) (2) (b) On July 1, (1) Sheridan purchased $69,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Sheridan paid freight costs of $1,095. O On July 3, Sheridan returned damaged goods and received credit of $6,900. On July 10, Sheridan paid for the goods. Date July 1 July 1 July 3 July 10 V Account Titles and Explanation Inventory Accounts Payable Freight-In Cash Accounts Payable Inventory Accounts Payable Inventory Debit 69000 1095 6900 Credit 69 1 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheridan Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.
(a)
(b)
(c)
No.
Prepare all necessary journal entries for Sheridan. (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. List all debit entries before credit
entries.)
(a) (1)
(a) (2)
(b)
On July 1, (1) Sheridan purchased $69,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Sheridan paid freight costs
of $1,095.
O
On July 3, Sheridan returned damaged goods and received credit of $6,900.
On July 10, Sheridan paid for the goods.
Date
July 1
July 1
July 3
July 10
V
Account Titles and Explanation
Inventory
Accounts Payable
Freight-In
Cash
Accounts Payable
Inventory
Accounts Payable
Inventory
Debit
69000
1095
6900
Credit
69
1
6
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