Oriole distributes suitcases to retail stores and extends credit terms of 1/10,n/30 to all of its customers. At the end of June, Oriole's inventory consisted of suitcases costing 1,500. During the month of July, the following merchandising transactions occurred. July 1 Purchased suitcases on account for 1,500 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of 110 for freight on this date. 3 Sold suitcases on account to Satchel World for 3,000. The cost of suitcases sold was 1,700. 9 Paid Trunk Manufacturers in full. 12 Received payment in full from Satchel World. 17 Sold suitcases on account to Lady GoGo for 1,700. The cost of the suitcases sold was E970, 18 Purchased suitcases on account for 2,500 from Holiday Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of 120 for freight on this date. 20 Received 260 credit (including freight) for suitcases returned to Holiday Manufacturers. 21 Received payment in full from Lady GoGo. 22 Sold suitcases on account to Vagabond for 2.600. The cost of suiteases sold was 1.500. 30 Paid Holiday Manufacturers in full. 31 Granted Vagabond 210 credit for suitcases returned costing 110. Oriole's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 inventory, No. 201 Accounts Payable, No, 401 Sales Revenue, No. 412 Sales Returns and Allowances, No, 414 Sales Discounts, and No, 505 Cost of Goods Sold. Oriole's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold, Journalize the transactions for the month of July for Oriole using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) 20:12 122 in educationwleycom Chapter 5 Online Assignment 5 Question 1 of 2 (To record cost of nserchandise sold) (To record credit sale) (4+ (To record cost of merchandiveswaldh 20:12 122 inducationwleycom Chapter 5 Online Assignment 5 Question 1 of 2 150 (To record purchase of suiteases) (To record freight paid) (4+1 20:12 122 A educationwleycom Chapter 5 Online Assignment 5 Question 1 of 2 150 (To record credit sale) (To record cost of merchandise sold) (To recond merchandise returned) (4+1 20:12 122 in educationwleycom Chapter 5 Online Assignment 5 Question 1 of 2 150 (To record merchandise returned) (To record cost of merchandise returned) eTextbook and Media List of Accounts Save for Later. Attempts: 0 of 3 used Submit
