The following transactions are for Sheridan Company. 1. On December 3 , Sheridan Company sold...
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The following transactions are for Sheridan Company. 1. On December 3 , Sheridan Company sold $460,000 of merchandise to Sunland Co, on account. The cost of the merchandise sold was $303,600. 2. On December 8 , Sunland Co. returned $23,000 of merchandise purchased on December 3 . The cost of the goods was $14,720. 3. On December 13 , Sheridan Company received the balance due from Sunland Co. Prepare a tabular summary to record these transactions for Sheridan Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. Stockholders' Equity Retained Earnings Common Stock $ Rev. $ $ Exp. $ Sales revenue 303,600 Cost of goods sold 23,000 Sales returns \& allowances 14,720 Accounts recievable Bad debt expense Cost of goods sold Sales returns & allowances Sales revenue List of Accounts eTextbook and Media Assistance Used
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