Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following transactions are the skysong company

The following transactions are the Skysong Company. 1. On December 3, Skysong Compaany Sold...

80.2K

Verified Solution

Question

Accounting

The following transactions are the Skysong Company.
1. On December 3, Skysong Compaany Sold $513,500 of merchandise to Sheridan Co. on account, terms 3/10, n/10. The cost of the merchandise sold was $318300.
2. On December 8, Sheridan Co. was granted an allowance of $24700 for merchandise purchased on december 3.
3. On December 13, Skysong Company recived thhe balance due from Sheridan Co.
1. Prepare the journal entries to record these transaction on the books of Skysong Company uses a prepetual inventory system.
2. Assume the Skysong COmpany recived the balance due from Sheridan Co. on january 2 of the follwoing year instead of December 13. Prepare the Journal Entry to record the receipt of payment on January 2.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Water is moving with a speed of 11.3 m/s through a pipe with a cross-sectional area...

Statistics
1.2K views

Consider the following random sample observations on stabilized viscosity of asphalt specimens. 2081   1977   2037   1842   2074 Suppose that for a particular...

Physics
1.2K views

A uniform semicircular disc of mass M anc radius R hinged at point O a...

Basic Math
1.2K views

Assume that is an angle in standard position whose terminal side contains the point(5.-12). Find...

Statistics
1.2K views

In how many ways can 3 students from a class of 15 be chosen for...

Algebra
1.2K views

use a wall clock and use the minute hand of the clock as a real...

Accounting
1.2K views

the following account balances were taken from the 2021 adjusted trial balance of the bowler...

Accounting
1.2K views

Joyner Companys income statement for Year 2 follows: Sales $...

Accounting
1.2K views

Linkin Corporation is considering purchasing a new delivery truck. The truck has many advantages over...

Accounting
1.2K views

Rich and Rita propose to have their corporation, Big Blue, acquire another corporation, Green Company,...

Accounting
1.2K views

Exercise 16-16 (Part Level Submission) On January 1, 2018, Monty Corp. had 484,000 shares of...

Finance
1.2K views

Question 4. Western Farms -test of details and CAATS (5%) Western Farms Pty Ltd (Western...