Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your answer is partially correct. On March 2, Blue Spruce Company sold $997.000 of merchandise on account to Oriole Company, terms 3/10, 1/30. The cost
Your answer is partially correct. On March 2, Blue Spruce Company sold $997.000 of merchandise on account to Oriole Company, terms 3/10, 1/30. The cost of the merchandise sold was $553,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 997000 Sales Revenue 997000 eTextbook and Media List of Accounts Your answer is partially correct. On March 6. Oriole Company returned $99.700 of the merchandise purchased on March 2. The cost of the returned merchandise was $55,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Sales Returns and Allowances 99700 Accounts Recevable 99700 eTextbook and Media List of Accounts Your answer is partially correct. On March 12. Blue Spruce Company received the balance due from Oriole Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Sales Discounts 26919 Cash 870381 Accounts Receivable 897300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started