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Oriole Company commenced operations on July 1. Oriole Company uses a periodic inventory system. During July, Oriole Company was involved in the following transactions and events: July 2 Purchased $15,000 of merchandise from Suppliers Inc on account, terms 2/10, 1/30, FOB shipping point. Returned $1.200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. Paid $10 of freight costs on July 2 shipment. Sold merchandise for $2.000 cash. Paid Suppliers Inc. the full amount owing. Sold merchandise for $6,600 on account. 1/10, 1/30, FOB shipping point. Received full payment for the merchandise sold on July 15, Oriole did a physical count and determined there was $10.500 of inventory on hand. 3 4 8 11 15 25 31 Record the transactions in Oriole Company's books. (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 for the amounts Record joumal entries in the order presented in the problem.) Credit Debit Account Tities and Explanation Date a . (Purchase on account.) 3 (To record purchase return.) 4 To record cash payment of freight.) (To record sales.) Payment on account.) 15 - (To record sales on account.) July 25 (Collection on account.)

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