The following transactions are for Sandhill Company. 1. On December 3, Sandhill Company sold $647,000 of merchandise to

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The Following Transactions Are For Sandhill Company 1 On December 3 Sandhill Company Sold 647 000 Of Merchandise To 1 (74.93 KiB) Viewed 49 times

The following transactions are for Sandhill Company. 1. On December 3, Sandhill Company sold $647,000 of merchandise to Monty Co., on account, terms 2/10, n/30, FOB destination. Sandhill paid $400 for freight charges. The cost of the merchandise sold was $372,800. 2. On December 8, Monty Co. was granted an allowance of $22,000 for merchandise purchased on December 3. 3. On December 13, Sandhill Company received the balance due from Monty Co.
Prepare the journal entries to record these transactions on the books of Sandhill Company using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit No. Date Account Titles and Explanation 1. (To record credit sale) (To record cost of merchandise sold) (To record freight charges) 2.
Assume that Sandhill Company received the balance due from Monty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit