(Solved): Prepare the Journal entries to record following transactions Prepare the journal entries to record t ...

Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter \( \mathrm{O} \) 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.) (a) On March 2, Sheridan Company sold \( \$ 944,100 \) of merchandise to Skysong Company on account, terms \( 3 / 10, n / 30 \). The cost of the merchandise sold was \( \$ 529,100 \). (b) On March 6, Skysong Company returned \$112,100 of the merchandise purchased on March 2. The cost of the merchandise returned was \( \$ 60,100 \). (c) On March 12, Sheridan Company received the balance due from Skysong Company. (To record cost of goods sold) (To record return of merchandise) (To record cost of goods returned)