Return to Blackboard Kimmel, Survey of Accounting, 1e, for Central Now Mexico Co

Question

Return to Blackboard Kimmel, Survey of Accounting, 1e, for Central Now Mexico Community College Home Read, Study & Practice Gradebook ORION Exercise 6-2 The following transections are for Oriole Compary 1. On December 3, Oriale Company sold $516,80D of merchandise to Cullumber Co. on account. The cost of the merchandise sold was 2. On Decamber 8, Cullum bar ??·naturned S23,300 of merchandise purchasad on Decembar 3·The cost of the goods was SL,000. 2. On December 13, Oriole Company received the balance due frorm 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).) 310,100 Exardee E-8 Brablem 5-1 Problom 6-5 Reviow Result Assets Stockholders' Equity Pay. Common Exp. Cash Accts. Rec. +Inv.Accts. Pay. + Stock Rev. Dac. 3 Salas rawanue Cost of goods sold Coat of goods sold 12 Version 4.24.3.1

Explanation / Answer

Tabular summary :

Assets Liabilities Stockholder's equity Retained earnings Cash + Acc. rev + Inv. = Acc pay + Common stock + Revenue - expense Dec 3 516800 516800 -310100 +310100 Dec 8 -23300 -23300 +16000 -16000 Dec 13 +493500 -493500

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