Do Iti Review 5-2 On October 5, Sheridan Company buys merchandise on account fro

Question

Do Iti Review 5-2 On October 5, Sheridan Company buys merchandise on account from Crane Company. The selling price of the goods is $6,650, and the cost to Crane Company is $3,060. On October 8, Sheridan Company returns defective goods with a selling price of $980 and a scrap value of $260. Record the transactions of Sheridan Company, assuming a perpetual approach. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Question Attemptsi o of 3 used sAVE FOR LATER SUBHIT ANSWER

Explanation / Answer

DATE

ACCOUNT TITLES AND EXPLANATION

DEBIT

CREDIT

OCTOBER 5

PURCHASE/INVENTORY

$6650

CRANE COMPANY

$6650

OCTOBER 8

CRANE COMPANY

$1240

PURCHASE RETURN

$1240

DATE

ACCOUNT TITLES AND EXPLANATION

DEBIT

CREDIT

OCTOBER 5

PURCHASE/INVENTORY

$6650

CRANE COMPANY

$6650

OCTOBER 8

CRANE COMPANY

$1240

PURCHASE RETURN

$1240

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