Exercise 5-05 a-b (Video) Presented below are transactions related to Sandhill Company. 1. On December 3,...

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Exercise 5-05 a-b (Video) Presented below are transactions related to Sandhill Company. 1. On December 3, Sandhill Company sold $647,000 of merchandise on account to Monty Co., terms 3/10, n/30, FOB destination. Sandhill paid $400 for freight charges. The cost of the merchandise sold was $372,800. 2. On December 8, 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. Prepare the journal entries to record these transactions on the books of Sandhill Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. 3. LINK TO TEXT. Assume that Sandhill Company received the balance due from Monty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Activate Windows Go to Settings to activate Windows. LINK TO TEXT VIDEO: SIMILAR EXERCISE Question Attempts: Unlimited SUBMIT ANSWER SAVE FOR LATER 8:34 AM to search 5/18/2021 Exercise 5-05 a-b (Video) Presented below are transactions related to Sandhill Company. 1. On December 3, Sandhill Company sold $647,000 of merchandise on account to Monty Co., terms 3/10, n/30, FOB destination. Sandhill paid $400 for freight charges. The cost of the merchandise sold was $372,800. 2. On December 8, 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. Prepare the journal entries to record these transactions on the books of Sandhill Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2. 3. LINK TO TEXT. Assume that Sandhill Company received the balance due from Monty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Activate Windows Go to Settings to activate Windows. LINK TO TEXT VIDEO: SIMILAR EXERCISE Question Attempts: Unlimited SUBMIT ANSWER SAVE FOR LATER 8:34 AM to search 5/18/2021