Exercise 5-05 a-b (Part Level Submission) (Video) Presented below are transactions related to Sheridan Company, 1. On December 3, Sheridan Company sold $670,600 of merchandise on account to Concord Co., terms 4/10, n/30, FOB destination. Sheridan pald $480 for freight charges. The cost of the merchandise sold was $396,900. 2. On December 8, Concord Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Sheridan Company received the balance due from Concord Co. (a) wdy Your answer is partially correct. Try again. 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.) No. Date Account Tities and Explanation Debit Credit 1. Det Accounts Receivable 670600 DI Sales Revenue 670600 (To record credit sale) Deca Cost of Goods Sold 3969001 thon (to record cost of merchandises) 396900 2000-20h Wien AvdA wonin