The following transactions occurred in April and May. Both companies use a periodic inventory system....
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Accounting
The following transactions occurred in April and May. Both companies use a periodic inventory system.
Apr. Sheridan Company purchased merchandise from Sunland Company for $ terms n FOB shipping point.
Sunland had paid $ for the merchandise.
The correct company paid freight costs of $
Sheridan Company returned damaged merchandise to Sunland Company and was given a purchase allowance of $
Sunland determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost
Sunland $
May Sheridan paid the amount due to Sunland Company in full.
Prepare the journal entries to record these transactions on the books of sunland company using a periodic inventory system instead of a perpetual system
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