Presented below are transactions related to Oriole Company.1. On December 3, Oriole Company sold $ 576,200 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB destination. Oriole paid $ 490 for freight charges. The cost of the merchandise sold was $ 385,100.2. On December 8, Sheffield Co. was granted an allowance of $ 24,900 for merchandise purchased on December 3.3. On December 13, Oriole Company received the balance due from Sheffield Co. Prepare the journal entries to record these transactions on the books of Oriole Company using aperpetual inventory system. (Credit account titles are automatically indented when amountis entered. Do not indent manually.)No.DateAccount Titles and ExplanationDebit1.(To record credit sale)(To record cost of merchandise sold)(To record freight charges)3.2. Assume that Oriole Company received the balance due from Sheffield Co. on January 2 ofthe following year instead of December 13. Prepare the journal entry to record the receiptof payment on January 2. (Credit account titles are automatically indented whenamount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebit

Name: Presented below are transactions related to Oriole Company.1. On Decem
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Description: Presented below are transactions related to Oriole Company.1. On December 3, Oriole Company sold $ 576,200 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB destination. Oriole paid $ 490 for freight charges. The cost of the merchandi

Sales discount = net sales x discount rate = (576,200-24,900 ) * 4% = $22,052

Answered: Presented below are transactions…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

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Presented below are transactions related to Oriole Company. 1. On December 3, Oriole Company sold $ 576,200 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB destination. Oriole paid $ 490 for freight charges. The cost of the merchandise sold was $ 385,100. 2. On December 8, Sheffield Co. was granted an allowance of $ 24,900 for merchandise purchased on December 3. 3. On December 13, Oriole Company received the balance due from Sheffield Co.

Prepare the journal entries to record these transactions on the books of Oriole Company using a
perpetual inventory system. (Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
1.
(To record credit sale)
(To record cost of merchandise sold)
(To record freight charges)
3.
2.

Assume that Oriole Company received the balance due from Sheffield Co. on January 2 of
the following year instead of December 13. Prepare the journal entry to record the receipt
of payment on January 2. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit

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