Oriole Industries purchased $13, 200 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,200 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Your answer is partially correct. Assuming that Oriole uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
Oriole Industries purchased $13, 200 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,200 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. (a) Your answer is partially correct. Assuming that Oriole uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 20MC: Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of...
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![Oriole Industries purchased $13, 200 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,200 (gross price before trade or cash discount) on February 4. The invoice was paid on
February 13. (a) Your answer is partially correct. Assuming that Oriole uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for
the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c6fe548-f50b-4808-88d5-a9922ce57eff%2F3a2a2f8d-fd68-48f0-a4b0-601af9e3a497%2Fzm9w6kn_processed.png&w=3840&q=75)
Transcribed Image Text:Oriole Industries purchased $13, 200 of merchandise on February 1, 2025, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,200 (gross price before trade or cash discount) on February 4. The invoice was paid on
February 13. (a) Your answer is partially correct. Assuming that Oriole uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (If no entry is required, select "No entry" for
the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 6,578.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
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