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Prepare Sandhill Wholesalers' journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) sunt Titles Debit

Prepare Sandhill Wholesalers' journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) sunt Titles Debit

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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Additional information: Mar. 1 3 21 23 Sandhill's cost of the merchandise sold to Stellar was $4,100. Sandhill's cost of the merchandise returned by Stellar was $461. As the merchandise was not damaged, it was returned to Sandhill's inventory. Sandhill's cost of the additional merchandise sold to Stellar Stores was $5,758. Sandhill's cost of the merchandise returned by Stellar was $207. As the merchandise was damaged, it was put in the recycling bin. Prepare Sandhill Wholesalers' journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit
Transcribed Image Text:Additional information: Mar. 1 3 21 23 Sandhill's cost of the merchandise sold to Stellar was $4,100. Sandhill's cost of the merchandise returned by Stellar was $461. As the merchandise was not damaged, it was returned to Sandhill's inventory. Sandhill's cost of the additional merchandise sold to Stellar Stores was $5,758. Sandhill's cost of the merchandise returned by Stellar was $207. As the merchandise was damaged, it was put in the recycling bin. Prepare Sandhill Wholesalers' journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit
Current Attempt in Progress Sandhill Wholesalers uses a perpetual inventory system. Mar. 1 2 3 21 22 23 30 31 Stellar Stores purchases $8,900 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB shipping point. The correct company pays $150 for the shipping charges. Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Sandhill gives Stellar a $1,000 credit on its account. Stellar Stores purchases an additional $12,500 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $195 for freight charges. Stellar returns $450 of the merchandise purchased on March 21 because it was damaged. Sandhill gives Stellar a $450 credit on its account. Stellar paid Sandhill the amount owing for the merchandise purchased on March 1. Stellar paid Sandhill the amount owing for the merchandise purchased on March 21.
Transcribed Image Text:Current Attempt in Progress Sandhill Wholesalers uses a perpetual inventory system. Mar. 1 2 3 21 22 23 30 31 Stellar Stores purchases $8,900 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB shipping point. The correct company pays $150 for the shipping charges. Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Sandhill gives Stellar a $1,000 credit on its account. Stellar Stores purchases an additional $12,500 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $195 for freight charges. Stellar returns $450 of the merchandise purchased on March 21 because it was damaged. Sandhill gives Stellar a $450 credit on its account. Stellar paid Sandhill the amount owing for the merchandise purchased on March 1. Stellar paid Sandhill the amount owing for the merchandise purchased on March 21.
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Calculate Sandhill's net sales, cost of goods sold, and gross profit for these sales.
Net sales
Cost of goods sold
Gross profit

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