Question: i also need an explanation for part C Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory
i also need an explanation for part C Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory system. (If no entry is required, select "No Entry"for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Splish Brothers Company sold $899,700 of merchandise to Sunland Company on account, terms 2/10, n/30. The cost of the merchandise sold was $525,600. (b) On March 6, Sunland Company returned $111,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $69,800. (c) On March 12, Splish Brothers Company received the balance due from Sunland Company. No. Date Account Titles and Explanation Debit Credit (a) March 2 Inventory 899700 Accounts Payable 899 (b) March 6 Accounts Payable Inventory (c) March 12 Accounts Payable Cash Accounts Receivable
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