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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 witha selling price of 5820 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 occount titles and enter 0 for the amounts. Credit occount titles are outomaticolly indented when amount is entered Do not. indent manually. Record journol entries in the order presented in the problem. Date Date Account Titles and Explanation (To record credit sales) (To record cost of goods sold on account) (To record credit granted for receipt of returned goods) (To record scrap value of goods returned)
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