The following transactions are for Sandhill Company,
1 On December 3, Sandhill Company sold 5647,000 of merchandise to Monty Co., on account, terms 2/10, n/30, FOB destination. Sandhill pald $400 for freight charges. The cost of the merchandise sold was $372,800.
2 On December & Monty Co. was granted an allowance of $22,000 for merchandise purchased on December 3.
3 On December 13, Sandhill Company received the balance due from Monty Co
(a)
Prepare the journal entries to record these transactions on the books of Sandhili 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)
 

Answer rating: 100% (QA)

Here are the journal entries to record the transactions on the books of ... View the full answer