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Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors,
Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, 1/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for the merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 16 (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Mar. 16 No Effect Mar. 18 No Effect Mar. 25 No Effect For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Mar. 16 No Effect Mar. 18 No Effect Inventory + $12,600 Mar. 25 No Effect No Effect Inventory - $12,600 Accounts Payable - $12,600 Accounts Payable - $12,600
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