Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system. If no entry is required, select "No Entry for the account titles and enter 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.) (a) On March 2, Sheridan Company sold $893,700 of merchandise to Skyson Company on account, terms 2/10. n/30. The cost of the merchandise sold was $577,200 (b) On March 6, Skysong Company returned $119,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,300 (c) On March 12, Sheridan Company received the balance due from Skysong Company

Question

In: Accounting

Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system. If no entry is required, select "No Entry for the account titles and enter 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.)

(a) On March 2, Sheridan Company sold $893,700 of merchandise to Skyson Company on account, terms 2/10. n/30. The cost of the merchandise sold was $577,200

(b) On March 6, Skysong Company returned $119,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,300

(c) On March 12, Sheridan Company received the balance due from Skysong Company

Expert Solution

ekkarill92 answered 2 years ago

Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Pharoah Company's books using 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.) (a) On March 2, Shamrock Company sold $934,300 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of...

Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Blossom Company's books using 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.) (a) On March 2, Kingbird Company sold $850,000 of merchandise to Blossom Company on account, terms 2/10, n/30. The cost of...

Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Cullumber Company's books using 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.) (a) On March 2, Cullumber Company sold $914,000 of merchandise to Marin Company on account, terms 3/10, n/30. The cost of...

Prepare the journal entries to record the following transactions on McLeena Company's books using a perpetual...

Prepare the journal entries to record the following transactions on McLeena Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) (a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account, terms 2/10,n/30. The cost of the...

Prepare journal entries to record the following transactions on Novy Company's books using a perpetual inventory...

Prepare journal entries to record the following transactions on Novy Company's books using a perpetual inventory system. On March 2, Novy Company sold $971,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $522,000. Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) On March 6, Opps Company returned 97,100 of the merchandise purchased on March 2. The cost of the returned merchandise was 61,000. Account Titles...

Prepare the journal entries to record the following transactions on Kwang Company's books using a perpetual inventory system

Brief Exercise 5-04 a-c Prepare the journal entries to record the following transactions on Kwang Company's books using a perpetual inventory system. On March 2, Kwang Company sold $900,000 of merchandise on account to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) On March 6, Sensat...

Prepare the journal entries to record the following transactions on Oriole Company’s books using a perpetual...

Prepare the journal entries to record the following transactions on Oriole Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) (a) On March 2, Sage Hill Company sold $878,600 of merchandise to Oriole Company on account, terms 3/10, n/30. The...

Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual...

Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) (a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost...

Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual...

Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) (a) On March 2, Windsor Company sold $854,200 of merchandise to Wildhorse Company on account, terms 2/10, n/30. The cost...

Prepare journal entries to record the transactions using both the Perpetual and Periodic Method. 1-Oct Purchased...

Prepare journal entries to record the transactions using both the Perpetual and Periodic Method. 1-Oct Purchased merchandise amounting to Php 25,000 from Ostan Corp. with terms 3/5, 2/10, n/30. Transportation cost is Php 1,500, FOB Shipping point.