prepare the journal entries to record these transactions on the boons of S.com

The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Sheridan Company sold merchandise to Sunland Co. for $33,000, terms 2/10, n/30, FOB destination. This merchandise cost Sheridan Company $18,000. 4 The correct company paid freight charges of $875. 8 Sunland Co. returned unwanted merchandise to Sheridan. The returned merchandise had a sale price of $2,300 and a cost of $990. It was restored to inventory. 13 Sheridan Company received the balance due from Sunland Co. (To record sales on account.) 30000 (To record cost of goods sold.) Merchandise inventory 18000 875 Jec. B. Sales Returms and Allowances AccountsReceivable (To record credit for goods returned) Merchundive inventoey 2300 2300 B75 Cost of Coodn 5old (To record cost of goods returned) 5.les Diveounts Actounts Recelvable