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. 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No.DateAccount Titles and ExplanationDebitCredit1. 2. 3.

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

FOB destination means when goods are sold and all the risk and reward are transferred at the…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.








2.

3.

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