Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March....

  

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Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25 Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25 Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25 Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25 Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25 Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25 Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25 Oriole Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18 Oriole Electronics Store received an allowance of $750 for thet merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (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 Joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record purchase on account.) (To record purchase allowance.) (To record payment on account.) For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equi Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Маг. 16 Mar. 18 Mar. 25

Answer rating: 100% (QA)

Date Account Titles and Explanation Debit Credit Mar 16 Inventory 12600 Accounts Payable ... View the full answer