On March 2, Splish Brothers Company sold $885,600 of merchandise to Sunland Company on account

Current Attempt In Progress

Prepare the journal entries to record the following transactions on Sunland 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, Splish Brothers Company sold $885,600 of merchandise to Sunland Company on account, terms 2/10, 1/30. The cost of the merchandise sold was $519,500.

(b) On March 6, Sunland Company returned $110,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,000.

Solutions

Expert Solution

Journal Entries
Sr. No.	Date	Account Title and explanation	Debit	Credit

(a)	March, 02	Merchandise inventory	$8,85,600
		Account Payable - Splish Brother		$8,85,600


(b)	March, 06	Account Payable - Splish Brother	$1,10,200
		Merchandise inventory		$1,10,200



('c)	March, 12	Account Payable - Splish Brother ($ 885,600 - $ 110,200)	$7,75,400
		Purhcase Discount		$15,508
		Cash ( $ 775,400 X 98%)		$7,59,892

ekkarill92 answered 2 years ago

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