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The following transactions occured in April and May. Both companies use a periodic inventory system. April 5 Ivanhoe company purchased merchandise from Oriole company for
The following transactions occured in April and May. Both companies use a periodic inventory system.
April Ivanhoe company purchased merchandise from Oriole company for $ terms n FOB shipping point. Oriole had paid $ for the merchandise.
APR The correct company paid freight costs of $
Apr Ivanhoe company returned daamaged merchandise to Oriole company and was given a purchase allowance of $ Oriole determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost $
May Ivanhoe paid the amount due to Oriole company in full.
Record the journal entries for this transaction for Ivanhoe company using a periodic inventory system.
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