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25 August, 22:21

Use a tabular summary to record the following transactions for Oriole Company using a perpetual inventory system. (a) On March 2, Oriole Company sold $878,600 of merchandise to Ivanhoe Company on account. The cost of the merchandise sold was $562,200. (b) On March 6, Ivanhoe Company returned $118,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,000. (c) On March 12, Oriole Company received the balance due from Ivanhoe Company.

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  1. 25 August, 23:38
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    merchandise inventory

    March 2: - 562,200

    March 6: 61,000

    -501,200

    accounts receivable

    March 2: 878,600

    March 6: - 118,800

    March 12: - 759,800

    0

    sales revenue

    March 2: 878,600

    March 6: - 118,800

    759,800

    COGS

    March 2: 562,200

    March 6: 61,000

    501,200

    cash

    March 12: 759,800

    759,800
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