This information relates to Oriole Co. 1. On April 5, purchased merchandise from Ivanhoe Company for $24,800
Question:
This information relates to Oriole Co.
1. | On April 5, purchased merchandise from Ivanhoe Company for $24,800 on the account. | |
2. | On April 7, purchased equipment on account for $26,400. | |
3. | On April 8, returned $3,200 of April 5 merchandise to Ivanhoe Company. | |
4. | On April 15, paid the amount due to Ivanhoe Company in full. |
Prepare a tabular summary to record the transactions listed above for Oriole Co. using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g.(45).)
Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings | ||||||||||||||||||
Cash | + | Inv. | + | Equipment | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | ||||||
April | 5 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | select an option Salaries and wages expense Cost of goods sold Sales revenue Dividends declared | |||||||||
7 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Salaries and wages expense Dividends declared Cost of goods sold Sales revenue | ||||||||||
8 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Salaries and wages expense Cost of goods sold Sales revenue Dividends declared | ||||||||||
15 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Salaries and wages expense Dividends declared Sales revenue Cost of goods sold |
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso