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All of the account titles are wrong. Some of my credits are wrong. . Your answer is partially correct. Prepare the journal entries to record
All of the account titles are wrong. Some of my credits are wrong.
. Your answer is partially correct. Prepare the journal entries to record the following transactions on Oriole Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Sage Hill Company sold $891,900 of merchandise to Oriole Company on account, terms 3/10,n/30. The cost of the merchandise sold was $527,400. (b) On March 6, Oriole Company returned $114,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $64.100. (c) On March 12, Sage Hill Company received the balance due from Oriole Company. No. Date Account Titles and Explanation Debit Credit (a) March 2 Accounts Receivable 891900 Sales Revenue 891900 (b) March 6 Sales Returns and Allowances 114400 Accounts Receivable 114400 (c) March 12 Cash 754175 Sales Discounts 23325 Accounts Receivable 777500Step by Step Solution
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