Oriole Company is a furniture retailer and uses the perpetual inventory system. On January $14,2025,$ Oriole purchased merchandise inventory at a cost of $$50,500.$ Credit terms were $\frac{2}{10},\frac{n}{30}.$ The inventory was sold on account for $$68,000$ on January $21,2025.$ Credit terms were $\frac{1}{10},\frac{n}{30}.$ The accounts payable was settled on January $23,2025,$ and the accounts receivables were settled on January $30,2025.$

Prepare journal entries to record each of these transactions. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List debit entries before credit entries.$)$

Date Account Titles and Explanation

$($To record credit sale$)$

Debit

Credit