Sheffield Company sold $72000 worth of goods on account to Coronado Inc. on June 20. Sheffield...

 

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Sheffield Company sold $72000 worth of goods on account to Coronado Inc. on June 20. Sheffield marks all goods up 25% on cost. Coronado has 45 days to return the goods for any reason. On July 1. Coronado returns $6300 worth of goods. Sheffield expects to be able to resell the returned goods at a profit. The journal entries for Sheffield to record the initial sales on June 20 included debits to No entry can be made because the items can be returned. O Accounts Receivable for $72000, and Cost of Goods Sold for $57600. O Accounts Receivable for $72000, and Sales of $57600. O Inventory for $72000, and Cash for $57600. Sheffield Company sold $72000 worth of goods on account to Coronado Inc. on June 20. Sheffield marks all goods up 25% on cost. Coronado has 45 days to return the goods for any reason. On July 1. Coronado returns $6300 worth of goods. Sheffield expects to be able to resell the returned goods at a profit. The journal entries for Sheffield to record the initial sales on June 20 included debits to No entry can be made because the items can be returned. O Accounts Receivable for $72000, and Cost of Goods Sold for $57600. O Accounts Receivable for $72000, and Sales of $57600. O Inventory for $72000, and Cash for $57600. Sheffield Company sold $72000 worth of goods on account to Coronado Inc. on June 20. Sheffield marks all goods up 25% on cost. Coronado has 45 days to return the goods for any reason. On July 1. Coronado returns $6300 worth of goods. Sheffield expects to be able to resell the returned goods at a profit. The journal entries for Sheffield to record the initial sales on June 20 included debits to No entry can be made because the items can be returned. O Accounts Receivable for $72000, and Cost of Goods Sold for $57600. O Accounts Receivable for $72000, and Sales of $57600. O Inventory for $72000, and Cash for $57600. Sheffield Company sold $72000 worth of goods on account to Coronado Inc. on June 20. Sheffield marks all goods up 25% on cost. Coronado has 45 days to return the goods for any reason. On July 1. Coronado returns $6300 worth of goods. Sheffield expects to be able to resell the returned goods at a profit. The journal entries for Sheffield to record the initial sales on June 20 included debits to No entry can be made because the items can be returned. O Accounts Receivable for $72000, and Cost of Goods Sold for $57600. O Accounts Receivable for $72000, and Sales of $57600. O Inventory for $72000, and Cash for $57600.

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