The following transactions are for Skysong Company.
On December 3, Skysong Company sold $ 479,600 of merchandise to Sheridan Co., on account, terms 1/10, n/30. The cost of
the merchandise sold was $ 325,500.
2.
On December 8, Sheridan Co. was granted an allowance of $ 24,500 for merchandise purchased on December 3.
On December 13, Skysong Company received the balance due from Sheridan Co.
(a)
Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system.
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