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 During the month Sunland made inventory purchases of $ on terms of Sunland returned $ 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 $ and a markup of 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
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