Question 8 Sheridan Company is a furniture retailer and uses the perpetual inventory system. On...
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Question 8 Sheridan Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Sheridan purchased merchandise inventory at a cost of $41,000. Credit terms were 2/10, n/30. The inventory was sold on account for $68,000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Prepare journal entries to record each of these transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 14 A (To record credit sale) + (To record cost of good sold)
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