OrioleCompany commenced operations on July 1.OrioleCompany uses a periodic inventory system. During July,OrioleCompany was involved in the
Question:
OrioleCompany commenced operations on July 1.OrioleCompany uses a periodic inventory system. During July,OrioleCompany was involved in the following transactions and events:
July 2
Purchased $14,300of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.
3
Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
4
Paid $510of freight costs on July 2 shipment.
8
Sold merchandise for $2,300cash.
11
Paid Suppliers Inc. the full amount owing.
15
Sold merchandise for $6,000on account, 1/10, n/30, FOB shipping point.
25
Received full payment for the merchandise sold on July 15.
31
Orioledid a physical count and determined there was $9,900of inventory on hand.
Record the transactions inOrioleCompany's books.(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
(Purchase on account.)
(To record purchase return.)
(To record cash payment of freight.)
(To record sales on account.)
(Payment on account.)
(To record sales on account.)
June 25 (Collection on account.)
Debit
Credit
What wasOriole' gross profit for July?
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow