Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual...
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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 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.) On March 2, Sunland Company sold $899,700 of merchandise to Splish Brothers Company on account, terms 2/10, n/30. The cost of the merchandise sold was $525,60o. (a) (b) On March 6, Splish Brothers Company returned $111,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $69,800. (c) On March 12, Sunland Company received the balance due from Splish Brothers Company. No. Date Account Titles and Explanation Debit Credit (a) (To record sale of merchandise) (b) (To record return of merchandise) (c) March 12 (a) 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 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.) On March 2, Sunland Company sold $899,700 of merchandise to Splish Brothers Company on account, terms 2/10, n/30. The cost of the merchandise sold was $525,60o. (a) (b) On March 6, Splish Brothers Company returned $111,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $69,800. (c) On March 12, Sunland Company received the balance due from Splish Brothers Company. No. Date Account Titles and Explanation Debit Credit (a) (To record sale of merchandise) (b) (To record return of merchandise) (c) March 12 (a)
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Under perpetual inventory system the inventory is updated along with each purchases and sales In the ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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