perpetual inventory system
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The following transactions are for Sheridan Company.
1. On December 3, Sheridan Company sold $519,300 of merchandise to Crane Co., terms 2/10, n/30. The cost of the merchandise sold was $329,200.
2. On December 8, Crane Co. was granted an allowance of $24,100 for merchandise purchased on December 3.
3. On December 13, Sheridan Company received the balance due from Crane Co.
Prepare the journal entries to record these transactions on the books of Sheridan Company. Sheridan Company uses a perpetual inventory system. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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