The following transactions are for Sheridan Company. On December 3, Sheridan Company sold $613,400 of merchandise to Grouper Co., on account, terms 2/10, n/30, FOB destination. Sheridan paid $370 for freight charges. The cost of the merchandise sold was $354,500. 1. On December 8, Grouper Co. was granted an allowance of $29,400 for merchandise purchased on December 3. On December 13, Sheridan Company received the balance due from Grouper Co. 3. (a) Prepare the journal entries to record these transactions on the books of Sheridan Company using a perpetual inventory system. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 613400 Sales Revenue 613400 (To record credit sale) (To record cost of merchandise sold) 2.

The following transactions are for Sheridan Company. On December 3, Sheridan Company sold $613,400 of merchandise to Grouper Co., on account, terms 2/10, n/30, FOB destination. Sheridan paid $370 for freight charges. The cost of the merchandise sold was $354,500. 1. On December 8, Grouper Co. was granted an allowance of $29,400 for merchandise purchased on December 3. On December 13, Sheridan Company received the balance due from Grouper Co. 3. (a) Prepare the journal entries to record these transactions on the books of Sheridan Company using a perpetual inventory system. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 613400 Sales Revenue 613400 (To record credit sale) (To record cost of merchandise sold) 2.

Name: The following transactions are for Sheridan Company.On December 3, Sh
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Description: The following transactions are for Sheridan Company.On December 3, Sheridan Company sold $613,400 of merchandise to Grouper Co., on account, terms 2/10, n/3O, FOBdestination. Sheridan paid $370 for freight charges. The cost of the merchandise sold w

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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