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Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory system. (If no entry is required, select No
Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory system. (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.) (a) On March 2, Sunland Company sold 5885,600 of merchandise to Blossom Company, terms 2/10, 1/30. The cost of the merchandise sold was $519 500. (b) On March 6, Blossom Company returned $110,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $63.000 On March 12, Sunland Company received the balance due from Blossom Company No. Date Account Titles and Explanation Debit Credi (a) March 2 Inventory 805.600 Accounts Payable (To record sale of merchandise March 2 No Entry No Entry (6) Macho Accounts Payable 110.200 Inventory (To record return of merchandise) March 6 No Entry No Entry TUDO (c) March 12 Accounts Payable Inventory Cash
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