FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On October 20, Sunland sells merchandise with a cost of $2,820 to Carla Vista for $4,700 cash. On October 25, Sunland received
returned goods from Carla Vista and refunds the amount in cash for items that had a selling price of $470 and a cost of $282.
Use a tabular summary to record the transactions for Sunland Company using a perpetual inventory system. Include margin
explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45
or parentheses e.g. (45).)
Date
Oct.
20 $
25
Cash
Assets
$
Inventory
$
Liabilities
Accounts
Payable
$
(
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Transcribed Image Text:On October 20, Sunland sells merchandise with a cost of $2,820 to Carla Vista for $4,700 cash. On October 25, Sunland received returned goods from Carla Vista and refunds the amount in cash for items that had a selling price of $470 and a cost of $282. Use a tabular summary to record the transactions for Sunland Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Date Oct. 20 $ 25 Cash Assets $ Inventory $ Liabilities Accounts Payable $ (
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