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Prepare the journal entries to record the following transactions on Sheridan Companys books using a perpetual inventory system. a.On March 2, Pronghorn Company sold $802,000
Prepare the journal entries to record the following transactions on Sheridan Companys books using a perpetual inventory system.
a.On March 2, Pronghorn Company sold $802,000 of merchandise on account to Sheridan Company, terms 2/10, n/30. The cost of the merchandise sold was $566,000.
B.On March 6, Sheridan Company returned $80,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $56,600.
C.On March 12, Pronghorn Company received the balance due from Sheridan Company.
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