70.2K

Verified Solution

Link Copied!

Exercise 5-4 On June 10, Sheridan Company purchased $6,600 of merchandise from Crane Company, terms 4/10, n/30. Sheridan Company pays the freight costs of $350 on June 11. Goods totaling $300 are returned to Crane Company for credit on June 12. On June 19, Sheridan Company pays Crane Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Prepare separate entries for each transaction on the books of Sheridan Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10June 11June 12June 19 June 10June 11June 12June 19 June 10June 11June 12June 19 June 10June 11June 12June 19 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT

Prepare separate entries for each transaction for Crane Company. The merchandise purchased by Sheridan Company on June 10 cost Crane Company $3,050, and the goods returned cost Crane Company $210. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10June 11June 12June 19 (To record credit sale) (To record cost of goods sold) June 10June 11June 12June 19 June 10June 11June 12June 19 (To record credit sale) (To record cost of goods returned) June 19 Click if you would like to Show Work for this question: Open Show Work

Answer & Explanation Solved by verified expert

See Answer