On May 10, Sunland Co. buys $950 of merchandise on account from Splish Brothers Supply, terms 2/10, n/30. Sunland pays Splish Brothers 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 O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date May 10 Account Titles and Explanation Date Account Titles and Explanation May 18 Debit 950 b. Prepare the entry to record the payment by Sunland, if Sunland pays within the discount period. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Debit Credit 950 Credit |||

On May 10, Sunland Co.buys $950 of merchandise on account from Splish Brothers Supply, terms 2/10, n/30. Sunland pays Splish Brothers 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 O for the amounts. Credit account titles are automatically 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 Sunland, if Sunland pays within the discount period. (If no entry is required, select "No Entry for the occount tities and enter Ofor the amounts. Credit occount tities are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)