On October 20, Sandhill sells merchandise with a cost of $3,600 to Wildhorse for $6,000 cash. On October 25, Sandhill received returned goods from Wildhorse and refunds the amount in cash for items that had a selling price of $600 and a cost of $360. Use a tabular summary to record the transactions for Sandhill Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities Accounts Payable Date Cash Inventory Oct. 20 $ 6000 $ -3600 $ i $ 25 -600 -360 i On October 20, Sandhill sells merchandise with a cost of $3,600 to Wildhorse for $6,000 cash. On October 25, Sandhill received returned goods from Wildhorse and refunds the amount in cash for items that had a selling price of $600 and a cost of $360. Use a tabular summary to record the transactions for Sandhill Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities Accounts Payable Date Cash Inventory Oct. 20 $ 6000 $ -3600 $ i $ 25 -600 -360 i On October 20, Sandhill sells merchandise with a cost of $3,600 to Wildhorse for $6,000 cash. On October 25, Sandhill received returned goods from Wildhorse and refunds the amount in cash for items that had a selling price of $600 and a cost of $360. Use a tabular summary to record the transactions for Sandhill Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities Accounts Payable Date Cash Inventory Oct. 20 $ 6000 $ -3600 $ i $ 25 -600 -360 i On October 20, Sandhill sells merchandise with a cost of $3,600 to Wildhorse for $6,000 cash. On October 25, Sandhill received returned goods from Wildhorse and refunds the amount in cash for items that had a selling price of $600 and a cost of $360. Use a tabular summary to record the transactions for Sandhill Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities Accounts Payable Date Cash Inventory Oct. 20 $ 6000 $ -3600 $ i $ 25 -600 -360
