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On May 3, Sheridan Company sold $972,000 of merchandise to Windsor Company, terms 2/10, n/30. The cost of the merchandise sold was $538,000. Prepare the
On May 3, Sheridan Company sold $972,000 of merchandise to Windsor Company, terms 2/10, n/30. The cost of the merchandise sold was $538,000. Prepare the journal entry to record this transaction on Sheridan Company's books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 3 (To record credit sale) May 3 (To record cost of merchandise sold)
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