Please do not give image format Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marginexplanations for the changes in revenues and expenses.(a)(b)(c)On March 2, Ivanhoe Company sold $864,000 of merchandise to Oriole Company on account. The cost of the merchandisesold was $583,200.-Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.- Increases in expenses require a negative sign or parentheses.- Reductions in revenues require a negative sign or parentheses.(b)On March 6, Oriole Company returned $151,200 of the merchandise purchased on March 2. The cost of the merchandisereturned was $101,520.On March 12, Ivanhoe Company received the balance due from Oriole Company.(a) Mar. 2 $(c)612Cash+tAAssetsAccts. Rec.+$LAInv."1taLiaAc

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Description: Please do not give image format Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marginexplanations for the changes in revenues and expenses.(a)(b)(c)On March 2, Ivanhoe Compan

The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Business

Accounting

Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marg explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Ivanhoe Company sold $864,000 of merchandise to Oriole Company on account. The cost of the merchandise sold was $583,200. On March 6, Oriole Company returned $151,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $101,520. On March 12, Ivanhoe Company received the balance due from Oriole Company.

Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marg explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Ivanhoe Company sold $864,000 of merchandise to Oriole Company on account. The cost of the merchandise sold was $583,200. On March 6, Oriole Company returned $151,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $101,520. On March 12, Ivanhoe Company received the balance due from Oriole Company.

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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