Question: please help, i cant figure these wrong ones out Prepare the journal entries to record these transactions on Sheridan Company's books using a periodic inventory
Prepare the journal entries to record these transactions on Sheridan Company's books using a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter O 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) (b) (c) On March 2, Sheridan Company purchased $862,000 of merchandise from Skysong Company, terms 2/10,n/30. On March 6, Sheridan Company returned $110,700 of the merchandise purchased on March 2 On March 12, Sheridan Company paid the balance due to Skysong Company. Date March 2 March 6 March 12 Account Titles and Explanation Accounts Payable Accounts Payable Inventory Accounts Payable Inventory Cash Debit 862000 110700 751300 Credit 862000 110700 715792 15026
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