Oriole Company commenced operations on July 1. Oriole Company uses a periodic inventory system. During...
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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 $14,300 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point. | |
| 3 | Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. | |
| 4 | Paid $510 of freight costs on July 2 shipment. | |
| 8 | Sold merchandise for $2,300 cash. | |
| 11 | Paid Suppliers Inc. the full amount owing. | |
| 15 | Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point. | |
| 25 | Received full payment for the merchandise sold on July 15. | |
| 31 | Oriole did a physical count and determined there was $9,900 of inventory on hand. |
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