Record the following transactions on the books of Sheridan Co.: On May 1, Sheridan Co. sold...
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Record the following transactions on the books of Sheridan Co.: On May 1, Sheridan Co. sold merchandise on account to Kaneva Inc. for $22,800, terms 2/10, n/30. Ignore any entries that affect inventory, cost of goods sold, and refund liability for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit May 1 Accounts Receivable 22800 Sales 22800 (To record sale on account.) eTextbook and Media List of Accounts On June 30, Sheridan Co. charged Kaneva Inc. one month's interest for the overdue account. Sheridan charges 9% on overdue accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 30 Accounts Receivable Interest Revenue (To record interest earned.) eTextbook and Media List of Accounts On July 5, Kaneva paid the amount owing to Sheridan Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit July 5 (Collection on account.) Record the following transactions on the books of Sheridan Co.: On May 1, Sheridan Co. sold merchandise on account to Kaneva Inc. for $22,800, terms 2/10, n/30. Ignore any entries that affect inventory, cost of goods sold, and refund liability for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit May 1 Accounts Receivable 22800 Sales 22800 (To record sale on account.) eTextbook and Media List of Accounts On June 30, Sheridan Co. charged Kaneva Inc. one month's interest for the overdue account. Sheridan charges 9% on overdue accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 30 Accounts Receivable Interest Revenue (To record interest earned.) eTextbook and Media List of Accounts On July 5, Kaneva paid the amount owing to Sheridan Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit July 5 (Collection on account.)
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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