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Oriole Company sold $68000 worth of goods on account to Culver Inc. on June 20. Oriole marks all goods up 25%. Culver has 45 days

Oriole Company sold $68000 worth of goods on account to Culver Inc. on June 20. Oriole marks all goods up 25%. Culver has 45 days to return the goods for any reason. On July 1, Culver returns $5950 worth of goods. Oriole expects to be able to resell the returned goods at a profit. The journal entries for Oriole to record the return on July 1 included debits to Accounts Receivable for $5950, and Cost of Goods Sold of $4760. Returned Inventory for $5950, and Sales Returns and Allowances for $4760. Accounts Receivable for $5950, and Sales Returns and Allowances for $4760. Sales Returns and Allowances for $5950, and Returned Inventory for $4760

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