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On June 10, Ivanhoe Company purchased $9,780 of merchandise from Oriole Company, on account, terms 3/10, n/30. Ivanhoe pays the freight costs of $520 on
On June 10, Ivanhoe Company purchased $9,780 of merchandise from Oriole Company, on account, terms 3/10, n/30. Ivanhoe pays the freight costs of $520 on June 11. Goods totaling $780 are returned to Oriole for credit on June 12. On June 19, Ivanhoe Company pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. Use a tabular summary to record transaction on the books of Ivanhoe Company. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Date Oct. 10 00 11 12 $ Cash Assets Liabilities Inventory Accounts Payable $ $ $ Commo pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. Use a tabular summary to record transaction on the books of Ivanhoe Company. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Stockholders' Equity Retained Earnings Common Stock Rev. Exp. Div. pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. Use a tabular summary to record transaction on the books of Ivanhoe Company. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Stockholders' Equity 5 Exp. Rev. Retained Earnings Div. Dividends declared Salaries and wages expense Sales revenue Cost of goods sold
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