Question $1$ of $40$

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Sheridan Co$.$ records purchases at net amounts and uses periodic inventories. Prepare entries for the following: $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.$)$

June $11$ Purchased merchandise on account, $$15,500,$ terms $\frac{2}{10},\frac{n}{30}.$

$15$ Returned part of June $11$ purchase, $$850,$ and received credit on account.

$30$ Prepared the adjusting entry required for financial statements.

Date

Account Titles and Explanation

Debit

Credit