Oriole Company’s chart of accounts includes the following selected accounts.101 Cash 401 Sales Revenue112 Accounts Receivable 414 Sales Discounts120 Inventory 505 Cost of Goods Sold301 Owner’s Capital On April 1, the accounts receivable ledger of Oriole Company showed the following balances: Morrow $1,510, Rose $1,160, Jennings Co. $2,870, and Dent $2,550. The April transactions involving the receipt of cash were as follows.Apr. 1 The owner, T. Oriole, invested additional cash in the business $7,200.4 Received check for payment of account from Dent less 2% cash discount.5 Received check for $970 in payment of invoice no. 307 from Jennings Co.8 Made cash sales of merchandise totaling $7,200. The cost of the merchandise sold was $4,320.00.10 Received check for $610 in payment of invoice no. 309 from Morrow.11 Received cash refund from a supplier for damaged merchandise $790.23 Received check for $1,040 in payment of invoice no. 310 from Jennings Co.29 Received check for payment of account from Rose (no cash discount allowed). DateAccount CreditedRef.Cash Dr.Sales Discounts Dr.301120(101)(414)>>>>>>>>>>>>>>> Journalize the transactions above in a six-column cash receipts journal and cross-foot the journal. (Record entries in the orderdisplayed in the problem statement. Round answers to O decimal places, e.g. 5,275.)Receipts JournalCR1Accounts ReceivableCost of Goods Sold Dr.Cr.Sales Revenue Cr.Other Accounts Cr.Inventory Cr.(112)(401)(X)(505)(120)

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Description: Oriole Company’s chart of accounts includes the following selected accounts.101 Cash 401 Sales Revenue112 Accounts Receivable 414 Sales Discounts120 Inventory 505 Cost of Goods Sold301 Owner’s Capital On April 1, the accounts receivable ledger of

Cash Receipts Journal This journal record all cash inflows of an enterprise. It manages all cash…

Answered: Oriole Company’s chart of accounts…

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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Oriole Company’s chart of accounts includes the following selected accounts.

101	Cash	401	Sales Revenue
112	Accounts Receivable	414	Sales Discounts
120	Inventory	505	Cost of Goods Sold
301	Owner’s Capital

On April 1, the accounts receivable ledger of Oriole Company showed the following balances: Morrow $1,510, Rose $1,160, Jennings Co. $2,870, and Dent $2,550. The April transactions involving the receipt of cash were as follows.

Apr. 1		The owner, T. Oriole, invested additional cash in the business $7,200.
4		Received check for payment of account from Dent less 2% cash discount.
5		Received check for $970 in payment of invoice no. 307 from Jennings Co.
8		Made cash sales of merchandise totaling $7,200. The cost of the merchandise sold was $4,320.00.
10		Received check for $610 in payment of invoice no. 309 from Morrow.
11		Received cash refund from a supplier for damaged merchandise $790.
23		Received check for $1,040 in payment of invoice no. 310 from Jennings Co.
29		Received check for payment of account from Rose (no cash discount allowed).

Date
Account Credited
Ref.
Cash Dr.
Sales Discounts Dr.
301
120
(101)
(414)
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Journalize the transactions above in a six-column cash receipts journal and cross-foot the journal. (Record entries in the order
displayed in the problem statement. Round answers to O decimal places, e.g. 5,275.)
Receipts Journal
CR1
Accounts Receivable
Cost of Goods Sold Dr.
Cr.
Sales Revenue Cr.
Other Accounts Cr.
Inventory Cr.
(112)
(401)
(X)
(505)(120)

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