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.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of merchandise. Which of the following is the correct journal entry for this sale? A. B. C. D.
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Slinky Company purchased merchandise on June 10, 2021, at a price of $38,000, subject to credit terms of 3/10, n/30. Slinky uses the net method for recording purchases and uses a perpetual inventory system.Required:1. Prepare the journal entry to record the purchase.2. & 3. Prepare the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2021 and July 8, 2021.
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