60.1K

Verified Solution

Link Copied!

This information relates to Skysong Co. 2 C 3. C 4. 5. 1. 2. (a) ) 3. On April 5, purchased merchandise from Sheridan Company for $ 27.200, terms 3/10, 1/30, On April 6, paid freight costs of $ 780 on merchandise purchased from Sheridan On April 7, purchased equipment on account for $ 34,200. On April 8, returned $4,600 of April 5 merchandise to Sheridan Company. On April 15, paid the amount due to Sheridan Company in full. 4 Prepar no enti indente 5. No. a (a) 1 Prepare the journal entries to record the transactions listed above on Skysone Co's hooke Slyson Prepare the journal entries to record the transactions listed above on Skysong Co's books. Skysong Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Inventory 27600 Accounts Payable 27600 Inventory 770 Cash 770 Equipment 34300 Accounts Payable 34300 Accounts Payable 5300 Inventory 5300 Accounts Payable 22300 Cash 21631 Inventory 669 (b) Assume that Skysong Co. paid the balance due to Sheridan Company on May 4 instead of Anril 15 (b) Assume that Skysong Co. paid the balance due to Sheridan Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Payable 22300 Cash 22300 e Textbook and Media List of Accounts

Answer & Explanation Solved by verified expert

See Answer