Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i have done the first part, but need help for the other parts ! Assume that one customer returns planters on March 1, 2020, due
i have done the first part, but need help for the other parts ! Assume that one customer returns planters on March 1, 2020, due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $91,000 of planters from Sheridan and also record the entry required to pay the full amount due by March 15, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Debit Credit te 020 Account Titles and Explanation Sales Returns and Allowances 91000 Accounts Receivable 91000 (To record sales returns) Returned Inventory Cost of Goods Sold (To record cost of goods returned) 2020 Cash Accounts Receivable Assume Sheridan prepares financial statements quarterly. Prepare the necessary entries (if any) to adjust Sheridan's financial results for the above transactions on March 31, 2020, assuming remaining expected returns of $221,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Mar. 31 Sales Returns and Allowances 2020 Allowance for Sales Returns and Allowances (To record sales returns) Estimated Inventory Returns Cost of Goods Sold (To record cost of goods returned) e Textbook and Media List of Accounts
i have done the first part, but need help for the other parts !
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started