Question: Question 3 of 6 -/1 Current Attempt in Progress 1. Presented below are transactions related to Sheridan Company On December 3, Sheridan Company sold $670,600

Question 3 of 6 -/1 Current Attempt in Progress 1. Presented below are transactions related to Sheridan Company On December 3, Sheridan Company sold $670,600 of merchandise on account to Concord Co, terms 4/10, 1/30, FOB destination. Sheridan paid $480 for freight charges. The cost of the merchandise sold was $396,900. On December 8, Concord Co. was granted an allowance of $25,000 for merchandise purchased on December 3. On December 13, Sheridan Company received the balance due from Concord Co. 2 3. (a) Prepare the Journal entries to record these transactions on the books of Sheridan Company using a perpetual Inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit No. 1 (To record credit sale) (To record cost of merchandise sold) > (To record freight charges) 2. > 3. e Textbook and Media

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