Question 1 The following transactions are for Oriole Company 1. On December 3, Oriole Company sold $455,200 of merchandise to Cullumber Co. on account. The cost of the merchandise sold was $316,500 2. On December 8, Cullumber Co. returned $23,500 of merchandise purchased on December 3. The cost of the goods was $16,000 3. On December 13, Oriole Company received the balance due from Cullumber Co Prepare a tabular summary to record these transactions for Oriole Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets - Liabilities + Stockholders' Equity Retained Earnings Cash + Accts. Rec.+ Inv - Accts. Pay. +Common Stock+ Rev Exp. Dec. 3 Sales revenue Cost of goods sold 8 Sales returns & allowances Cost of goods sold 13 Click if you would like to Show Work for this question: Open Show Work