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Sheridan Co, records purchases at net amounts. On May 5 Sheridan purchased merchandise on account, 588000 , terms 2/10,n/30. Sheridan returned $5000 of the May

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Sheridan Co, records purchases at net amounts. On May 5 Sheridan purchased merchandise on account, 588000 , terms 2/10,n/30. Sheridan returned $5000 of the May 5 purchase and received credit on account. At May 31 , the balance had not yet been paid. The amount to be recorded as a purchase return is $5100 $4500 $5000 $4900

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