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Information related to Oriole Co. is presented below. 1. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,800 credit for
Information related to Oriole Co. is presented below.
1. | On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,800 credit for returned merchandise. | ||
2. | On April 15, paid the amount due to Sheffield Company in full. (Note: On April 5, purchased merchandise from Sheffield Company for $26,000, terms 2/10, net/30, FOB shipping point.) |
Prepare the journal entries to record these transactions on the books of Oriole Co. under a perpetual inventory system.
Assume that Oriole Co. paid the balance due to Sheffield Company on May 4 instead of April 15. Prepare the journal entry to record this payment
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