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xxMikexx [17]
3 years ago
12

On June 10, Sheridan Company purchased $7,700 of merchandise from Crane Company, terms 3/10, n/30. Sheridan Company pays the fre

ight costs of $430 on June 11. Goods totaling $800 are returned to Crane Company for credit on June 12. On June 19, Sheridan Company pays Crane Company in full, less the purchase discount. Both companies use a perpetual inventory system.Prepare separate entries for each transaction on the books of Sheridan Company.
Business
1 answer:
sveta [45]3 years ago
4 0

Answer:

Sheridan Company journal entries:

June 10

  • Dr Merchandise inventory 7,700  
  • Cr Accounts payable 7,700

June 11  

  • Dr Merchandise inventory 430
  • Cr Cash 430

June 12  

  • Dr Accounts payable 800
  • Cr Merchandise inventory 800

June 19

  • Dr Accounts payable 6,900
  • Cr Cash 6,693
  • Cr Merchandise inventory 207

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Answer:

$1,479

Explanation:

For computing the total deposit, first we have to determine the bank charges which is shown below:

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= $1,479

Simply we deduct the bank charges from the Merchandise sold so that the correct amount can come.

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Answer:

True

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3 years ago
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Ilia_Sergeevich [38]

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Hence the correct option is E.

6 0
3 years ago
Yarin's gross pay for the year was $3,500. The federal income tax withholding from his pay was 9% of his gross pay. Yarin determ
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Answer:

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Explanation:

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As his company globalizes its business, Jordan faces cultural challenges related to differing ethical standards. To make ethical
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Answer:

embrace transparency and conduct all negotiations as openly as possible.

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