Attempts 0 Allowed Attempts 1 nts 12 Submitting an external tool - Mar 15 at 11pm about 120 years Kimmel, Accounting, 7e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 5-04 The following transactions are for Skysong Company 1. On December 3, Skysong Company sold $479,600 of merchandise to Shendan Co., on account, terms 1/10, 1/30. The cost of the merchandise sold was $325,500. On December 8, Sheridan Co. was granted an allowance of $24,500 for merchandise purchased on December 3. 3. On December 13, Skysong Company received the balance due from Sheridan Co. (a) Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. (It ne entry are select "No Entry for the account titles and enter o for the amounts, Credit account titles are automatically indented when a senteret DB indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Dec 3 v Accounts Receivable 479600 7600 Sales Revenue To record sale of merchandise on account Test par MAT 101 Unit 09.pdf MAT 101 non pot Pdf OUT 1901 at 3pm - Mar 15 at 11pm about 120 years PLUS Kines, Accounting, 76 Hele System Announcements CALCO RESOURCES MEWORK Debit No. Credit Date Account Titles and Explanation 479600 1 Dec 3 Accounts Receivable 479600 Sales Revenue (To record sale of merchandise on account) Dec 3 Cost of Goods Sold 325500 SOBA 06 2000 Inventory (to record cost of merchandise od on account) Set ch WWW. AT 101 AT 101 Unid e 9 O D F6 F7 FR PO D FO SALE 11 FN2 $ * 96 5 &7 C 9 II 4 2 6 8 0 E W T o R Y U P s D F G I J L x CV B N M Attempts 0 Allowed Attempts 1 11pm Points 12 Submitting an external tool 1901 at 3pm - Mar 15 at 11pm about 120 years PLUS Kimmel, Accounting, 7e Help System Announcements CALCULATOU 3. Dec 13 cash SOURCES OMEWORK 30 Sales Discounts SOS Accounts Receivable (b) Asume that Skysong Company received the balance due from Sheridan Coon January 2 of the following your stead of December to record the receipt of payment on January 2 (Il no entry required select "Me Entry for the accountitles and account titles are automatically indent when amount interd. Do not het my Date Accounties and Explanation M2 Gred Click if you would like to show Work for this question posterowo 101 MA 101 12 PEN FB F10 FG FS Fa FO P $ & * 3 % 5 8 o 9 7 6 T E o W R U Y F G D s L V R N M