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On May 10 , Sheridan Co. buys $900 of merchandise on account from Skysong Supply, terms 3/10,n/30. Sheridan pays Skysong on May 18. The buyer

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On May 10 , Sheridan Co. buys $900 of merchandise on account from Skysong Supply, terms 3/10,n/30. Sheridan pays Skysong on May 18. The buyer uses the perpetual inventory method. a. Prepare the entry to record the purchase of merchandise. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles ore outomaticolly indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) b. Prepare the entry to record the payment by Sheridan, if Sheridan pays within the discount period. (If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries)

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