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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 system.

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 Paid cash of $14,364 for operating expenses that were incurred and properly recorded in the previous period.
9 Purchased merchandise for $25,000 on account. Credit terms: 3/10, n/30.
12 Paid a freight bill of $122 for merchandise purchased on October 9.
17 Paid for merchandise purchased on October 9. The company takes all discounts to which it is entitled.
20 Sold merchandise for $9,120 to Rattles Distribution on account. The cost of the merchandise sold was $3,648. Credit terms: 2/10, n/30.
26 Issued a credit memo to Rattles Distribution for $342 for merchandise returned from the sale on October 20. The cost of the merchandise returned was $212.

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26

enter an account title to record the sale of merchandise

enter a debit amount

enter a credit amount

enter an account title to record the sale of merchandise

enter a debit amount

enter a credit amount

(To record the sale of merchandise)

enter an account title to record the cost of the merchandise sold

enter a debit amount

enter a credit amount

enter an account title to record the cost of the merchandise sold

enter a debit amount

enter a credit amount

(To record the cost of the merchandise sold)

choose a transaction date Oct. 5Oct. 9Oct. 12Oct. 17Oct. 20Oct. 26

enter an account title to record the credit granted for the return

enter a debit amount

enter a credit amount

enter an account title to record the credit granted for the return

enter a debit amount

enter a credit amount

(To record the credit granted for the return)

enter an account title to record the cost of the goods returned

enter a debit amount

enter a credit amount

enter an account title to record the cost of the goods returned

enter a debit amount

enter a credit amount

(To record the cost of the goods returned)

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