Ierm Test $2$ S$2024$ H $-$ Section OKK

Term Test $2$ S $2024$ H $-$ Section OKK

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Question $1$ of $11-$ Term Test $2$ S $2024$ H $-$

Question $1$ of $11$

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Current Attempt in Progress

Oriole's Greenhouse supplies bedding plants and other gardening products to a variety of stores across Alberta and also has a local greenhouse open to the public. Oriole's uses a perpetual inventory system and the earnings approach for revenue recognition. Transactions for the business are sffown below:

May $2$ Purchased $500$ decorative hanging baskets from Planters R Us$,$ on account, at a cost of $$26$ each, terms $\frac{5}{10},\frac{n}{30},$ FOB shipping point.

$3$ The correct company paid cash for the $$175$ shipping charges.

$4$ Sold $200$ hanging baskets to a hardware store in the city, on account, for a total invoice price of $$8,000.$ Terms are $\frac{1}{10},\frac{n}{30}$ and the cost was $$26$ per basket. Oriole's paid the shipping charge of $$75$ on the same day.

$5$ Received a credit from Planters R Us for the return of $60$ hanging baskets that had defective hangers.

$720$ of the baskets from the sale of May $4$ were returned to the greenhouse for a full refund because the customer did not have enough room to store them.

$12$ Made a payment on account for the balance owing to Planters R Us for the purchase of May $2.$

$13$ Received a cheque for the appropriate amount from the hardware store for the sale of May $4.$

Prepare journal entries to record the above transactions using the perpetual method. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$