Business, 12.04.2021 20:20 awh1088

The following transactions are for Sunland Company. (1) On December 3 Sunland Company sold $531,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $311,000.
(2) On December 8 Thomson Co. was granted an allowance of $30,000 for merchandise purchased on December 3.
(3) On December 13 Sunland Company received the balance due from Thomson Co.
Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Credit Debit 1. (To record credit sale) (To record cost of merchandise sold) 3. Dec. 13

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The following transactions are for Sunland Company. (1) On December 3 Sunland Company sold $531,000...

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