pla answer

HW. Chapter 5 Name:..... ID:......... Q1 Sayid Company reported the following balances at June 30, 2018: Sales ............... $30,500 Sales Returns and Allowances .......500 Sales Discounts .... ....1000 Cost of Goods Sold ... 10,000 Net sales for the Sayid Company is gross profit for the Sayid Company is Q2 Presented beloow are transaction relatd to Sayid Company (1) On December 3, sayd Company sold $ 50,000 of merchandise to Shephard Company, terms 2/10, n/30,FOB shipping point. The cost of the merchandise sold was $30,000. (2) On December 8, Shephard Company returned $ 15,000 of the merchandise purchased on December 3. The cost of the returned merchandise was $7,000. (3) On December 13, Sayid Company received the balance due from to Shephard Company. Instructions (a) Prepare the journal entries to record these transactions on the books of sayd Company. Using a perpetual inventory system