The following transactions are for Teal Mountain Company. 1. On December 3, Teal Mountain Company...
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The following transactions are for Teal Mountain Company. 1. On December 3, Teal Mountain Company sold $512,300 of merchandise to Sandhill Co., on account, terms 2/10. n/30. The cost of the merchandise sold was $313,500. 2. On December 8, Sandhill Co. was granted an allowance of $22,900 for merchandise purchased on December 3 . 3. On December 13, Teal Mountain Company received the balance due from Sandhill Co. No. Date Account Titles and Explanation Debit Credit 1. (To record sale of merchandise on account) (To record cost of merchandise sold)
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