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On June 10, Skysong Company purchased $7,700 of merchandise from Sheridan Company, on account, terms 3/10,n/30, Skysong pays the freight costs of $430 on June 11. Goods totaling $800 are returned to Sheridan for credit on June 12 . On June 19, Skysong Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is correct. Prepare separate entries for each transaction on the books of Skysong Eompany. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Prepare separate entries for each transaction for Sheridan Company. The merchandise purchased by Skysong on June 10 cost Sheridan $2.440, and the goods returned cost Sheridan $270. (14 no entry is required, select "No entry" for the occount titles and enter O for the amounts. Credit occount titles are automatically indented when amount is entersd. Do not indent manually. Record joumal entries in the order presented in the pgoblem List all debit entries before credit entries] (To record credit sale) (To record cost of goods sold) (To record credit for receipt of goods returned) (To record cost of goods returned)

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