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nadya68 [22]
3 years ago
5

Use a tabular summary to record the following transactions for Oriole Company using a perpetual inventory system. (a) On March 2

, Oriole Company sold $878,600 of merchandise to Ivanhoe Company on account. The cost of the merchandise sold was $562,200. (b) On March 6, Ivanhoe Company returned $118,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,000. (c) On March 12, Oriole Company received the balance due from Ivanhoe Company.
Business
1 answer:
telo118 [61]3 years ago
8 0

Answer:

merchandise inventory

March 2:          -562,200

<u>March 6:              61,000</u>

                        -501,200

accounts receivable

March 2:          878,600

March 6:          -118,800

<u>March 12:        -759,800</u>

                                    0

sales revenue

March 2:           878,600

<u>March 6:           -118,800</u>

                         759,800

<u />

COGS

March 2:           562,200

<u>March 6:              61,000</u>

                          501,200

<u />

cash                      

<u>March 12:          759,800</u>                

                         759,800

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