ACCT 2121

Current Attempt in Progress Use a tabular summary to record the following transactions for Wildhorse C. using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) On March 2, Wildhorse Co. sold \$1,040,000 of merchandise to Sandhill Co. on account. The cost of the merchandise sold was $702,000 (b) On March 6, Sandhill Co. returned $182,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $122,200. (c) On March 12, Wildhorse Co. received the balance due from Sandhill Co. Stockholders' Equity Retained Earnings Common Stock $ Exp. $ Sales revenue Accounts receivable Sales returns \& allowances Bad debt expense Cost of goods sold Mar. Assets