Presented below are transactions related to Oriole Company.1. On December 3, Oriole Company sold $585,800 of merchandise to Cheyenne Co., terms 2/10, n/30, FOB destination. Oriole paid $550 for freight charges. The cost of the merchandise sold was $382,700.2. On December 8, Cheyenne Co. was granted an allowance of $26,600 for merchandise purchased on December 3.3. On December 13, Oriole Company received the balance due from Cheyenne Co.Assume that Oriole Company received the balance due from Cheyenne 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) DateAccount Titles and ExplanationDebitCredit

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 $585,800 of merchandise to Cheyenne Co., terms 2/10, n/30, FOB destination. Oriole paid $550 for freight charges. The cost of the merchandise sold was $3

Inventory: It is the goods sold and material a business holds to sale. There are mainly two methods…

Answered: Presented below are transactions…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...

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Presented below are transactions related to Oriole Company.

1.		On December 3, Oriole Company sold $585,800 of merchandise to Cheyenne Co., terms 2/10, n/30, FOB destination. Oriole paid $550 for freight charges. The cost of the merchandise sold was $382,700.
2.		On December 8, Cheyenne Co. was granted an allowance of $26,600 for merchandise purchased on December 3.
3.		On December 13, Oriole Company received the balance due from Cheyenne Co.

Assume that Oriole Company received the balance due from Cheyenne 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit

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