Accounting Cycle Review 7-01 a1-f2

Accounting Cycle Review 7-01 a1-f2

Oriole Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Oriole are indicated in the working papers. Presented below are a series of transactions for Oriole Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.

GENERAL LEDGER