Brief Exercise 5-04 a-c (Part Level Submission) Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system. Your answer is correct On March 2, Sheridan Company sold $817,000 of merchandise on account to Grouper Company, terms 4/10, n/30. The cost of the merchandise sold was576,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Debit Account Titles and Explanation Credit 817000 Accounts Receivable Sales Revenue To record credit sale) Cost of Goods Sold 817000 576000 Inventory 576000 To record cost of merchandise sold) SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used Your answer is correct. On March 6, Grouper Company returned $81,700 of the merchandise purchased on March 2. The cost of the returned merchandise Was 52,700. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 81700 Sales Returns and Allowances Accounts Receivable (To record merchandise returned) Inventory 81700 52700 Cost of Goods Sold 52700 (To record cost of merchandise returned) SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used (c) On March 12, Sheridan Company received the balance due from Grouper Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT