Please see below. Note that these pictures go together. I need help with Part b. The main information needed to answer Part b is on Part a's picture. On June 10, Splish Brothers Company purchased $6,700 of merchandise from Sunland Company, on account, terms 2/10, n/30. SplishBrothers pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Sunland for credit on June 12. On June 19,Splish Brothers Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.(a)Your answer has been saved. See score details after the due date.Prepare separate entries for each transaction on the books of Splish Brothers Company. (If no entry is required, select "No Entry" forthe account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCreditJune 10 vInventory6,700Accounts Payable6,700June 11Inventory380Cash380June 12Accounts Payable700700Inventory (b)Prepare separate entries for each transaction for Sunland Company. The merchandise purchased by Splish Brothers on June 10cost Sunland $2,870, and the goods returned cost Sunland $240. (If no entry is required, select "No entry" for the account titles andenter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journalentries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit(To record credit sale)(To record cost of goods sold)(To record credit sale)>

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

On June 10, Splish Brothers Company purchased $6.700 of merchandise from Sunland Company, on account, terms 2/10, n/30. Splish Brothers pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Sunland for credit on June 12. On June 19. Splish Brothers Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.

On June 10, Splish Brothers Company purchased $6.700 of merchandise from Sunland Company, on account, terms 2/10, n/30. Splish Brothers pays the freight costs of $380 on June 11. Goods totaling $700 are returned to Sunland for credit on June 12. On June 19. Splish Brothers Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.

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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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