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On October 5, Sandhill Company buys merchandise on account from Teal Mountain Company. The selling price of the goods is $6,110, and the cost to
On October 5, Sandhill Company buys merchandise on account from Teal Mountain Company. The selling price of the goods is $6,110, and the cost to Teal Mountain Company is $3,390. On October 8, Sandhill returns defective goods with a selling price of $820 and a scrap value of $420. Record the transactions on the books of Teal Mountain Company, assuming a perpetual approach. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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