PRINCIPLES OF ACCOUNTING (ACCT 2101) Weygandt, Financial Accounting, 10e Assignment Gradebook ORION Downloadable eTextbook ice NEXT CALOULATOR FULL SCREEN PRINTER VERSION BACK Presented below are transactions related to Splish Brothers Inc. Brothers Inc. sold $586,700 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $391,300. 2. On December 8, Sheffield Co. was granted an allowance of $28,000 for merchandise purchased on 3. On December 13, Splish Brothers Inc. received the balance due from Sheffield Co. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. using a perpetual inventory system. (Credit account tities are automatically Indented when amount is entered. Do not Indent no entry is required, select "No Entry for the account titles and enter o for the amounts.) Debit Credit No. Date Account Titles and Explanation 1. (To record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13 Version 4.24.4