Prepare separate entries for each transaction for Sunland Company. The merchandise purchased by Splish Brothers on June 10 cost Sunland $3,180, and the goods returned cost Sunland $210. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

For the sales on June 10

Debit Cost of Goods sold  $3,180

Credit Inventory account  $3,180

For the goods returned,

Debit Inventory account  $210

Credit Cost of goods sold  $210

Explanation:

When a sale is made from the inventory items at hand, the transaction has a dual effect. These are;

the recognition of revenue. this involves a Debit to cash or accounts receivable and  a credit to salesthe derecognition of inventory. this involves a debit to  cost of goods sold and a credit to inventory.

When returned are made, the reversal of these entries are posted.

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