Your answer is partially correct. Try again The following transactions are for Sheridan Company. merchandise to Crane Co. On December 3, Sheridan Company sold $517,200 the merchandise sold was $322,900. 1. account. The cost On December 8, Crane Co. returned $22,800 merchandise purchased on December 3. The cost of the goods was $16,000. 2. 3. On December 13, Sheridan Company received the balance due from Crane Co. Prepare a tabular summary to record these transactions for Sheridan Company using a perpetual inventory system. (Enter negative amounts using either number e.g. -45 or parentheses e.g. (45).) negative sign preceding the Stockholders' Equity Assets Liabilities Retained Earnings Accts. Pay. Cash Rev Accts. Rec. Inv. +Common Stock + Exp. 517,200 322,900 Sales revenue Dec. 517,200 Cost of goods sold 22,80 Sales returns & allowances Cost of goods sold 13