Use a tabular summary to record the following transactions for Sunland Company using a perpetual inventory...

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Use a tabular summary to record the following transactions for Sunland Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Sunland Company sold $752,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $507,600. On March 6, Blossom Company returned $131,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $88,360. On March 12, Sunland Company received the balance due from Blossom Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) a) Mar. 2 $ b) O 12 Cash Assets Accts. Rec. Inv. S Li Ac Use a tabular summary to record the following transactions for Sunland Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Sunland Company sold $752,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $507,600. On March 6, Blossom Company returned $131,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $88,360. On March 12, Sunland Company received the balance due from Blossom Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) a) Mar. 2 $ b) O 12 Cash Assets Accts. Rec. Inv. S Li Ac

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March 2 b March 6 Assets Liabilities Stockhold... View the full answer