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18-4 Sheridan Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $590,100
18-4
Sheridan Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $590,100 (cost of $460,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,100. Past history indicates that the cash discount will be taken. On January 2B, 2017, Danone makes payment to Sheridan for the full sales price. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Sheridan Company on January 2 2017, and the payment on January 28, 2017. Assume that Sheridan Company records the using the net method. (Credit account titles are automatically indented when the amount is e indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date (To record sales) (To record cost of goods sold) Step by Step Solution
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