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Oriole Company uses a perpetual inventory system. Its beginning inventory consists of 98 units that cost $66 each. During June, (1) the company purchased 293
Oriole Company uses a perpetual inventory system. Its beginning inventory consists of 98 units that cost $66 each. During June, (1) the company purchased 293 units at $66 each, (2) returned 12 units for credit, and (3) sold 244 units at $98 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) Inventory Debit Credit 19338 Accounts Payable 19338 unts Payable 792 Inventory 792 unts Receivable 23912 Sales Revenue 23912 To record sales) Cost of Goods Sold Inventory (To record cost of goods sold)
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