June	4		Oriole Company purchased $7,920 worth of merchandise, on account from Hayes Company. The cost of the merchandise was $5,544.
	12		Oriole returned $440 worth of goods to Hayes. The goods had a cost of $308 to Hayes.
	12		Oriole paid the account in full.

Assume use of the perpetual inventory system for both companies.

(a)

Prepare separate tabular summaries to record these transactions in Orioles records. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

	Assets			=	Liabilities	+	Stockholder's Equity
	Cash	+	Inventory	=	Accounts Payable	+	Common Stock	+	Retained Earnings
									Rev.	-	Exp.	-	Div.
June 4	$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
12	enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
12	enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount

Save for Later

4 Oriole Company purchased $7,920 worth of merchandise, on account from Hayes Company. The cost of the merchandise was $5.544. 12 Oriole returned $440 worth of goods to Hayes. The goods had a cost of $308 to Hayes. 12 Oriole paid the account in full. Assume use of the perpetual inventory system for both companies. (a) Prepare separate tabular summaries to record these transactions in Oriole's records. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Assets Liabilities Cash Inventory Accounts Payable Common St June 4 5 12 June 12 June 4 of merchandise, on account from Hayes Company. The cost of the mpany purchased merchandise was $5,544. 12 Oriole returned $440 worth of goods to Hayes. The goods had a cost of $308 to Hayes. 12 Oriole paid the account in full. Assume use of the perpetual inventory system for both companies. (a) Prepare separate tabular summaries to record these transactions in Oriole's records. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Stockholder's Equity Retained Earnings. Common Stock Exp. Div. $ Submit Answer Save for Later Rev. $ Attempts: 0 of 2 used