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Prepare the journal entries to record the transactions

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Question - Prepare the journal entries to record the following transactions on Oriole Company's books using a perpetual inventory system.

(a) On March 2, Sage Hill Company sold $878,600 of merchandise to Oriole Company on account, terms 3/10, n/30. The cost of the merchandise sold was $562,200.

(b) On March 6, Oriole Company returned $118,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,000.

(c) On March 12, Sage Hill Company received the balance due from Oriole Company.

Reference no: EM133148381

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