Apps Online OOME + Chapter 5 Homework 1 -/1 E Question List Question 2 of 5 The following transactions are for Teal Mountain Company Question 1 Accounting Dropdown 1 On December 3. Teal Mountain Company sold $453.100 of merchandise to Sandhill Co, on account, terms 1/10,1V 30. The cost of the merchandise sold was $317.100 On December 8. Sandhill Co. was granted an allowance of $22.800 for merchandise purchased on December 3. On December 13 Teal Mountain Company received the balance due from Sandhill Co. Viewing Question 2 Accounting Dropdown 2 3 Question 3 Account M al Question 4 Account M Prepare the journal entries to record these transactions on the books of Teal Mountain. Teal Mountain 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) Question 5 Debit Credit No. Date Account Titles and Explanation 1 (To record sale of merchandise on account) + Chapter 5 Homework 1 -/1 E Question 2 of 5 QL Date Account Titles and Explanation Debit Credit Que Acco Viev Accou (To record sale of merchandise on account) Ques Accoun (To record cost of merchandise sold on account) Quest Account Questi Account (b) Assume that Teal Mountain Company received the balance due from Sandhill Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (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) C A Debit Credit Date Account Titles and Explanation Jan. 2 g A QL Acc e Textbook and Media List of Accounts Save for later Attempts: 0 of 3 used Submit Answer Type here to search ol