On March 12, Sheridan Company received the balance due from Concord Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

On March 12, Sheridan Company received the balance due from Concord Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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 in (a) Your answer is correct. On March 2, Sheridan Company sold $940,000 of merchandise on account to Concord Company, terms 3/10, n/30 indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 940000 940000 Sales Revenue (To record credit sale) Cost of Goods Sold 584000 Inventory 584000 (To record cost of merchandise sold) Click if you would like to Show Work for this question: Open Show Work Your answer is correct. On March 6, Concord Company returned $94,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $53,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Sales Returns and Allowances 94000 Accounts Receivable 94000 (To record merchandise returned) Inventory 53100 Cost of Goods Sold 53100 (To record cost of merchandise returned) Your answer is partially correct. Try again. On March 12, Sheridan Company received the balance due from Concord Company. (Credit account titles are automatically indented when amount is entered. Do n Account Titles and Explanation Debit Credit Sales Discounts Cash Accounts Receivable