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PERIODIC INVENTORY SYSTEM This information relates to Sheridan Co. On April 5, purchased merchandise from...

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Accounting

PERIODIC INVENTORY SYSTEM

This information relates to Sheridan Co. On April 5, purchased merchandise from Cheyenne Company for $25,900 on account, terms 3//10, net //30, FOB shippin point. On April 6, paid freight costs of $930 on merchandise purchased from Cheyenne Company. On April 7, purchased equipment on account for $34,100. On April 8, returned $2,900 of the April 5 merchandise to Cheyenne Company. On April 15, paid the amount due to Cheyenne Company in full

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