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Sheridan Company uses a perpetual inventory system. Its beginning inventory consists of 68 units that...

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Accounting

Sheridan Company uses a perpetual inventory system. Its beginning inventory consists of 68 units that cost $46 each. During June, (1) the company purchased 203 units at $46 each, (2) returned 8 units for credit, and (3) sold 169 units at $68 each. Assume the number of units purchased is the same as the number of units sold.
Journalize the June transactions. (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. List all debit entries before credit entries.)
No. Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
(To record sales)
(To record cost of goods sold)
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