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Oriole Corporation purchases $2500 of merchandise on account from Enterprise Company, terms 4/10, n/30. Oriole and Enterprise both use periodic inventory systems. Oriole's entry
Oriole Corporation purchases $2500 of merchandise on account from Enterprise Company, terms 4/10, n/30. Oriole and Enterprise both use periodic inventory systems. Oriole's entry record this transaction is: Purchases Accounts Payable 2500 2500 Inventory 2500 Accounts Payable 2500 Accounts Payable 2500 Inventory 2500 Accounts Payable 2500 Purchases 2500 L
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