This information relates to Sage Hill Co.1. On April 5, purchased merchandise from Oriole Company for $26,800, terms 3/10, n/30.2. On April 6, paid freight costs of $750 on merchandise purchased from Oriole.3. On April 7, purchased equipment on account for $32,800.4. On April 8, returned $3,600 of April 5 merchandise to Oriole Company.5. On April 15, paid the amount due to Oriole Company in full.(a)Prepare the journal entries to record the transactions listed above on Sage Hill Co.’s books. Sage Hill Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.DateAccount Titles and ExplanationDebitCredit1.choose a transaction date April 5April 6April 7April 8April 15May 4enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount2.choose a transaction date April 5April 6April 7April 8April 15May 4enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount3.choose a transaction date April 5April 6April 7April 8April 15May 4enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount4.choose a transaction date April 5April 6April 7April 8April 15May 4enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount5.choose a transaction date April 5April 6April 7April 8April 15May 4enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount enter an account titleenter a debit amountenter a credit amount(b)Assume that Sage Hill Co. paid the balance due to Oriole Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditMay 4enter an account titleenter a debit amountenter a credit amount

Name: This information relates to Sage Hill Co.1. On April 5, purchased merc
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Description: This information relates to Sage Hill Co.1. On April 5, purchased merchandise from Oriole Company for $26,800, terms 3/10, n/30.2. On April 6, paid freight costs of $750 on merchandise purchased from Oriole.3. On April 7, purchased equipment on accou

Journal entry is a record of financial transaction in the books of accounts maintained by an…

Answered: This information relates to Sage Hill…

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 Sage Hill Co.

1.		On April 5, purchased merchandise from Oriole Company for $26,800, terms 3/10, n/30.
2.		On April 6, paid freight costs of $750 on merchandise purchased from Oriole.
3.		On April 7, purchased equipment on account for $32,800.
4.		On April 8, returned $3,600 of April 5 merchandise to Oriole Company.
5.		On April 15, paid the amount due to Oriole Company in full.

(a)

Prepare the journal entries to record the transactions listed above on Sage Hill Co.’s books. Sage Hill Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
2.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
3.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
4.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
5.	choose a transaction date April 5April 6April 7April 8April 15May 4	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

(b)

Assume that Sage Hill Co. paid the balance due to Oriole Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
May 4	enter an account title	enter a debit amount	enter a credit amount

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