This information relates to Oriole Co.1. On April 5, purchased merchandise on account from Swifty Company for $35,000, terms 4/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $820 on merchandise purchased from Swifty Company.3. On April 7, purchased equipment on account for $28,800.4. On April 8, returned some of April 5 merchandise, which cost $3,300, to Swifty Company.5. On April 15, paid the amount due to Swifty Company in full.Prepare the journal entries to record these transactions on the books of Oriole Co. using a periodic inventory system.

Name: This information relates to Oriole Co.1. On April 5, purchased merchan
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Description: This information relates to Oriole Co.1. On April 5, purchased merchandise on account from Swifty Company for $35,000, terms 4/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $820 on merchandise purchased from Swifty Company.3. On

Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Answered: This information relates to Oriole Co.…

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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This information relates to Oriole Co.

1.		On April 5, purchased merchandise on account from Swifty Company for $35,000, terms 4/10, net/30, FOB shipping point.
2.		On April 6, paid freight costs of $820 on merchandise purchased from Swifty Company.
3.		On April 7, purchased equipment on account for $28,800.
4.		On April 8, returned some of April 5 merchandise, which cost $3,300, to Swifty Company.
5.		On April 15, paid the amount due to Swifty Company in full.

Prepare the journal entries to record these transactions on the books of Oriole Co. using a periodic inventory system.

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