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
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
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. |
Assume that Oriole Company received the balance due from Cheyenne Co. on January 2 of the following year instead of December 13. Prepare the
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Date
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Account Titles and Explanation
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Debit
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Credit
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