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On September 1, Sheridan Marine had an inventory of 21 boats at a cost of $1.900 each. Sheridan does not expect any returns from sales of boats. The company uses a perpetual inventory system. During September, the following transactions and events occurred: Sep. 3 Purchased 41 boats at $1,900 each from Hillside Fibreglass. The boats were shipped FOB destination terms /30. 3 The appropriate party paid the freight costs. 6 Received credit of $9,500 for the return of 5 boats purchased on September 3 that were defective. 7 Paid for the September 3 purchase. 9 Sold 21 boats for $3,000 each to Billington Yacht Club on credit 13 Cash sale of 16 boats for $3,000 each to Birch Island Ferry. 21 Purchased 28 boats at $1,900 each from Johnson Supply terms n/30. Journalize the September transactions for Sheridan Marine, using a perpetual inventory system. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit (To record purchase of boats from Hillside Fiberglass) (To record freight costs) (To record return of defective boats) (To record payment for purchases) . (To record sale of boats) (To record the cost of goods sold) (To record cash sales) (To record the cost of goods sold for cash) (To record the purchase of boats from Johnson supply)

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