chapter 5 quiz2

Prepare the journal entries to record the following transactions on Oriole Company's books using a perpetual inventory system. (If ng 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) On March 2, Oriole Company sold $878,600 of merchandise to Sage Hill Company on account, terms 3/10,n/30. The cost of the merchandise sold was $562,200. (b) On March 6, Sage Hill Company returned \$118,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,000. (c) On March 12, Oriole Company received the balance due from Sage Hill Company. (To record sale of merchandise on account) (To record cost of goods sold) (To record return of merchandise) March 6 : 61.000 (To record cost of goods returned) March 12: : March 12