On June 10, Oriole Company purchased $6,400 of merchandise from Ivanhoe Company, terms 2/10, n/30. Oriole Company pays the freight costs of $370 on June 11. Goods totaling $500 are returned to Ivanhoe Company for credit on June 12. On June 19, Oriole Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Oriole Company. (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.) Date Account Titles and Explanation Debit Credit
On June 10, Oriole Company purchased $6,400 of merchandise from Ivanhoe Company, terms 2/10, n/30. Oriole Company pays the freight costs of $370 on June 11. Goods totaling $500 are returned to Ivanhoe Company for credit on June 12. On June 19, Oriole Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Oriole Company. (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.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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