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  3. is this correct? (a) on january 6 , sheridan

is this correct? (a) On January 6 , Sheridan Co....

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Accounting

is this correct?
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(a) On January 6 , Sheridan Co. sells merchandise on account to Pryor Inc. for $6,100, terms 2/10,n/30. On January 16 , Pryor Inc. pays the amount due. Prepare the entries on Sheridan's books to record the sale and related collection. (Omit cost of goods sold entries.) (b) On January 10, Andrew Farley uses his Windsor Co. credit card to purchase merchandise from Windsor Co. for $8,900. On February 10. Farley is billed for the amount due of $8,900. On February 12, Farley pays $4,700 on the balance due. On March 10, Farley is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12. Prepare the entries on Windsor Co.'s books related to the transactions that occurred on January 10, February 12, and Marc 10. (Omit cost of goods sold entries.) Sales Revenue 6100 Jan. 16 Cash 5978 Sales Discounts 122 Accounts Receivable 6100 Sales Revenue 8900 Feb. 12 Cash 4700 Accounts Receivable 4700 Mar. 10 Cash 4518 Accounts Receivable

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