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The following transactions are for Sandhill Company. 1. On December 3, Sandhill Company sold $475,800 of merchandise to Wildhorse Co. on account. The cost of
The following transactions are for Sandhill Company.
1. | On December 3, Sandhill Company sold $475,800 of merchandise to Wildhorse Co. on account. The cost of the merchandise sold was $326,400. | |
2. | On December 8, Wildhorse Co. returned $22,200 of merchandise purchased on December 3. The cost of the goods was $16,000. | |
3. | On December 13, Sandhill Company received the balance due from Wildhorse Co. |
Prepare a tabular summary to record these transactions for Sandhill Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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