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Use a tabular summary to record the following transactions for Sunland Company using a perpetual inventory system. Include margin explanations for the changes in
Use a tabular summary to record the following transactions for Sunland Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) On March 2, Sunland Company sold $928,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $626,400. (b) On March 6, Blossom Company returned $162,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $109,040. (c) On March 12, Sunland Company received the balance due from Blossom Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) a) Mar. b) 2 S 9 Assets Cash Accts. Rec. Inv. 12 122 P I nmon Stock Rev. Stockholders' Equity Retained Earnings Exp. Bad debt expense Cost of goods sold Accounts receivable Sales returns & allowances Sales revenue
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