Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1 sale.   Prepare the required journal entries for Sheridan Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
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Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EB: Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for...
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Sheridan Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $45,000 with terms 4/15, n/45. On June 12, 2020, Sheridan received full payment for the June 1 sale.

 

Prepare the required journal entries for Sheridan Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

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