Business, 06.04.2020 23:28 dogsarecrazy7868

Described below are certain transactions of Sheridan Corporation. The company uses the periodic inventory system.

1. On February 2, the corporation purchased goods from Martin Company for $69,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26.
2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying $3,000 in cash and signing a one-year, 12% note for the balance of the purchase price.
3. On May 1, the corporation borrowed $88,300 from Chicago National Bank by signing a $98,140 zero-interest-bearing note due one year from May 1.
4. On August 1, the board of directors declared a $302,000 cash dividend that was payable on September 10 to stockholders of record on August 31.

Make all the journal entries necessary to record the transactions above using appropriate dates.

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Described below are certain transactions of Sheridan Corporation. The company uses the periodic inve...

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