Oriole Wholesalers uses a perpetual inventory system.

Mar. 1		Stellar Stores purchases $8,500 of merchandise for resale from Oriole Wholesalers, terms 2/10, n/30, FOB shipping point.
2		The correct company pays $165 for the shipping charges.
3		Stellar returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Oriole gives Stellar a $1,100 credit on its account.
21		Stellar Stores purchases an additional $13,500 of merchandise for resale from Oriole Wholesalers, terms 2/10, n/30, FOB destination.
22		The correct company pays $175 for freight charges.
23		Stellar returns $500 of the merchandise purchased on March 21 because it was damaged. Oriole gives Stellar a $500 credit on its account.
30		Stellar paid Oriole the amount owing for the merchandise purchased on March 1.
31		Stellar paid Oriole the amount owing for the merchandise purchased on March 21.

Additional information:

Mar. 1		Orioles cost of the merchandise sold to Stellar was $4,200.
3		Oriole's cost of the merchandise returned by Stellar was $544. As the merchandise was not damaged, it was returned to Orioles inventory.
21		Orioles cost of the additional merchandise sold to Stellar Stores was $6,671.
23		Orioles cost of the merchandise returned by Stellar was $247. As the merchandise was damaged, it was put in the recycling bin.

Prepare Oriole Wholesalers journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (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 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(To record sales on account.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(To record cost of goods sold.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(To record credit for goods returned.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(To record cost of goods returned.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(To record sales on account.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(To record cost of goods sold.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(Cash payment for freight costs.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(To record credit for goods returned.)
Mar. 1Mar. 2Mar. 3Mar. 21Mar. 22Mar. 23Mar. 30Mar. 31
	(Collection on account.)
Mar. 31
	(Collection on account.)

eTextbook and Media

List of Accounts

Calculate Orioles net sales, cost of goods sold, and gross profit for these sales.

Net sales		$
Cost of goods sold		$
Gross profit		$