Exercise 6-2 The following transactions are for Sunland Company 1. 2. 3. On December 3, Sunland Company sold $450,000 of merchandise to Blossom Co. on account. The cost of the merchandise sold was On December 8, Blossom Co. returned $22,000 of merchandise purchased on December 3, The cost of the goods was $16,000 On December 13, Sunland Company received the balance due from Blossom Co 310,000. Prepare a tabular summary to record these transactions for Sunland Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities+ Stockholders' Equity Retained Earnings Cash + Accts. Rec. + Inv Accts. Pa - Accts. Pay. Common Stock + Rev Exp Dec. 3 Sales revenue Cost of goods sold 8 Sales returns & allowances Cost of goods sold 13