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1. The following transactions are for Sheridan Company. On December 3, Sheridan Company sold $600,600 of merchandise to Pina Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $376,900. On December 8, Pina Co. was granted an allowance of $30,000 for merchandise purchased on December 3. On December 13, Sheridan Company received the balance due from Pina Co. Prepare the journal entries to record these transactions on the books of Sheridan Company using a perpetual inventory system (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) (To record cost of merchandise sold) 2 3. 1. An inexperienced accountant for Skysong, Inc made the following errors in recording merchandising transactions. A $260 refund to a customer for faulty merchandise was debited to Sales Revenue $260 and credited to Cash $260. A $321 credit purchase of supplies was debited to Inventory $321 and credited to Cash $321. A $220 sales discount was debited to Sales Revenue. A cash payment of $31 for freight on merchandise purchases was debited to Freight-Out $310 and credited to Cash $310 2. 3. 4. Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4