ugen wileyplus.com/edugen/student/main.uni FINANCIAL&MANAGERIAL;(ACC 110/2 Kimme

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ugen wileyplus.com/edugen/student/main.uni FINANCIAL&MANAGERIAL;(ACC 110/2 Kimmel, Accounting, 6e Assignment Gradebook ORION Downloadable eTextbook |CALCULATOR FuLL SCREEN PRINTER VERSION BACK NEXT lick If you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Attempts: 2 of 5 used (b) Prepare separate entries for each transaction for Sheridan Company. The merchandise purchased by Crane Company on June 10 cost Sheridan Company $2,000, and the goods returned cost Sheridan Company $200. (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 Assign To record credit sale) To record cost of goods sold) 00-2038 2bn Wlsy &is; Ioc. All Rights Reserved. A Division of 2ahn MacBook Air F4

Explanation / Answer

b) Journal entry :

Date accounts & explanation debit credit June 10 Account receivable 6100    Sales revenue 6100 (To record credit sales) Cost of goods sold 2000 Merchandise inventory 2000 (To record cost of goods sold) June 12 Sales return and allowance 400 Account receivable 400 (To record sales return) Merchandise inventory 200 Cost of goods sold 200 (To record return of cost of merchandise sold) June 19 Cash (5700*98%) 5586 Sales discount 114 Account receivable (6100-400) 5700 (To record amount received)

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