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Prepare the journal entries to record these transactions

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Question - The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.

Dec. 3 Sheridan Company sold merchandise to Thomas Co. for $38,000, terms 2/10, n/30, FOB destination. This merchandise cost Sheridan Company $18,000.

Dec. 4 The correct company paid freight charges of $800.

Dec. 8 Thomas Co. returned unwanted merchandise to Sheridan. The returned merchandise had a sales price of $2,200 and a cost of $990. It was restored to inventory.

Dec. 13 Sheridan Company received the balance due from Thomas Co.

Required - Prepare the journal entries to record these transactions on the books of Sheridan Company.

Reference no: EM133077044

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