Question $1$ of $4$

View Policies

Current Attempt in Progress

Presented here are selected transactions for Sandhill Inc. during October of the current year. Sandhill uses a perpetual inventory system. Sandhill estimates a return rate of $5\%$ based on past experience.

Oct. $1$ Purchased merchandise on account from Micron Ltd$.$ at a cost of $$95,000,$ terms $\frac{1}{15},\frac{n}{30},$ FOB shipping point.

$1$ Freight charges of $$1,800$ were paid by the appropriate party on the October $1$ purchase of merchandise

$2$ Returned for credit $$3,700$ of damaged goods purchased from Micron on October $1.$

$6$ Purchased supplies for $$2,600$ cash.

$8$ Sold the remaining merchandise purchased from Micron to Guidant Corp for $$150,000$ on acpount, terms n$/30.$ FOB destination.

$9$ Freight charges of $$2\mathrm{.}100$ were paid by the appropriate party on the October $8$ sale of merchandise.

$10$ Purchased equipment on account for $$70,000.$

$12$ Guidant returned damaged merchandise that was purchased on October $8$ for a $$3\mathrm{.}500$ credit on account. The merchandise originally cost $$2,185$ and was not restored to inventory.

$15$ Purchased merchandise for $$35,200$ cash.

$17$ Received the balance owing from Guidant.

$28$ Sold merchandise for $$30,000$ on account to Deux Lt$$e$,$ terms n$/30.$ FOE shipping point. The merchandise had a cost of $$18,000.$

$29$ Freight charges of $$700$ were paid by the appropriate party on the October $28$ sale of merchandise.

$30$ Paid Micron the balance owing.

$31$ Deux returned some of the merchandise that was purchased on October $28$ for a $$1,300$ credit on account. The merchandise originally cost $$780$ and was restored to inventory.

$($a$)$

Record the October transactionis on Sandhill's books. $($List all debit entries before credit entries, Credit account tities are qutomatically indented when the amount is entered. Do not indent nornually If no entry is required. selert $"$No Entry for the account titles and enter O for the arnounts. Record joumal entries in the order presented in the problem.