Question

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

Answer 1

Answer 2