(a) Prepare the journal entries to record these transactions on the books of Sage Hill. Sage Hill uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 (b) Assume that Sage Hill Company received the balance due from Oriole Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answer rating: 100% (QA)

a Prepare the journal entries to record the transactions on the books of O Company using perp... View the full answer