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Prepare the necessary general journal entries for the month of October for Sheridan Retail for each situation given below. Sheridan uses a perpetual inventory
Prepare the necessary general journal entries for the month of October for Sheridan Retail for each situation given below. Sheridan uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Oct. 5 9 Paid cash of $11,592 for operating expenses that were incurred and properly recorded in the previous period. Purchased merchandise for $20,000 on account. Credit terms: 3/10, n/30. 12 Paid a freight bill of $100 for merchandise purchased on October 9. Paid for merchandise purchased on October 9. The company takes all discounts to which it is entitled. 17 20 Sold merchandise for $7,360 to Rattles Distribution on account. The cost of the merchandise sold was $2,944. Credit terms: 2/10, n/30. 26 Issued a credit memo to Rattles Distribution for $276 for merchandise returned from the sale on October 20. The cost of the merchandise returned was $168. Date Account Titles and Explanation Debit Credit
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