Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 15,2023 , Oriole Ltd. sold conveyor systems to Blue Spruce Inc. on account for a selling price of $471,000 (cost $296,730 ) terms

image text in transcribed On May 15,2023 , Oriole Ltd. sold conveyor systems to Blue Spruce Inc. on account for a selling price of $471,000 (cost $296,730 ) terms n/30. Oriole grants the right to return systems that do not sell within two months following delivery. Past experience indicates that the normal return rate is 10%. On July 11,2023 , Blue Spruce returned systems to Oriole and was granted credits of $36,400. By the time Blue Spruce returned the systems, Oriole's account had been paid in full. (a) Assuming Oriole follows IFRS, prepare Oriole's journal entries to record the sale on May 15, 2023, including any expected returns. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Word Search Puzzle Book For Auditing Clerk

Authors: Lx Antu

1st Edition

B09KN7YDD6, 979-8757688466

More Books

Students also viewed these Accounting questions