Module 07 ACR Problem Chapter 07 Question 1 of 1 12.48/52 E 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 ledgers for Oriole are indicated in the working papers presented below. Also following 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 Account Number Account Title January 1 Opening Balance 101 Cash $35,750 112 Accounts Receivable 13,100 115 Notes Receivable 38,000 120 Inventory 18,000 126 Supplies 1,500 130 Prepaid Insurance 1,900 157 Equipment 6,900 158 Accumulated Depreciation-Equip 1.500 201 Accounts Payable 37,000 001 Owner's Capital 76.650 Schedule of Accounts Receivable