Q4 - financial accounting

The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr 5 Sheridan Company purchased merchandise from Sunland Company for $12,100, terms 2/10,n/30, FOB shipping point. Sunland had paid $8,800 for the merchandise. 6 The correct company paid freight costs of $300. 8 Sheridan Company returned damaged merchandise to Sunland Company and was given a purchase allowance of $1,900 Sunland determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost Sunland $1.382. May 4 Sheridan paid the amount due to Sunland Company in full. (a) Prepare the journal entries to record the above transactions for Sheridan Company. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Prepare the journal entries to record the above transactions for Sheridan Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries