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Use a tabular summary to record the following transactions for Oriole Company using a perpetual inventory system. Include margin explanations for the changes in revenues

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Use a tabular summary to record the following transactions for Oriole Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) On March 2, Oriole Company sold $880,000 of merchandise to Ivanhoe Company on account. The cost of the merchandise sold was $594,000. (b) On March 6, Ivanhoe Company returned $154,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $103,400. (c) On March 12, Oriole Company received the balance due from Ivanhoe Company. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Assets Cash + Accts. Rec. + Inv. a) Mar. 2$ $ $ b) 6 c) 12

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