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Oriole Company buys merchandise on account from Sheffield Company. The selling price of the goods is $1,130, and the cost of the goods is $790.
Oriole Company buys merchandise on account from Sheffield Company. The selling price of the goods is $1,130, and the cost of the goods is $790. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Uist all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no ent for the amounts)
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