Prepare the journal entries to record the transactions listed above on the books of Sheridan Supply Co. Sheridan Supply Co. uses aperpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)Date Account Titles and ExplanationDebitCredit This information relates to Sheridan Supply Co.1.2.3.4.5.On April 5 purchased merchandise from Acme Wholesale Company for $25,000, terms 2/10, n/10.On April 6 paid freight costs of $1,000 on merchandise purchased from Acme Wholesale.On April 7 purchased equipment on account for $27,000.On April 8 returned some of April 5 merchandise to Acme Wholesale which cost $2,100.On April 15 paid the amount due to Acme Wholesale in full.

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Description: Prepare the journal entries to record the transactions listed above on the books of Sheridan Supply Co. Sheridan Supply Co. uses aperpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent

Journal Entry :— It is an act of recording transaction in books of account when transaction is…

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This information relates to Sheridan Supply Co. 1. 2. 3. 4. 5. On April 5 purchased merchandise from Acme Wholesale Company for $25,000, terms 2/10, n/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Acme Wholesale. On April 7 purchased equipment on account for $27,000. On April 8 returned some of April 5 merchandise to Acme Wholesale which cost $2,100. On April 15 paid the amount due to Acme Wholesale in full.

This information relates to Sheridan Supply Co. 1. 2. 3. 4. 5. On April 5 purchased merchandise from Acme Wholesale Company for $25,000, terms 2/10, n/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Acme Wholesale. On April 7 purchased equipment on account for $27,000. On April 8 returned some of April 5 merchandise to Acme Wholesale which cost $2,100. On April 15 paid the amount due to Acme Wholesale in full.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 3PB

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