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Sunland Corporation uses the perpetual inventory system and began business on April 1. During the...

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Accounting

Sunland Corporation uses the perpetual inventory system and began business on April 1. During the month Sunland made inventory purchases of $83,700 on terms of 310,n30. Sunland returned $4,000 worth of goods during the month. Sunland made all payments in time to take advantage of the offered cash discounts during the month. Sunland sold inventory on account with a value of $71,700 and a markup of 30% on the cost. These were the only inventory transactions during the month. Leo uses the gross method in accounting for cash discounts. Prepare the journal entries related to:
(a)
Prepare the journal entry related to the purchase of goods. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Inventory
image

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