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Oriole Company sells goods to Sheridan Inc. by accepting a note receivable on...

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Accounting

Oriole Company sells goods to Sheridan Inc. by accepting a note receivable on January 2,2025. The goods have a sales price of $630,700(cost of $500,000). The terms are net 30. If Sheridan pays within 5 days, however, it receives a cash discount of $10,700. Past history indicates that the cash discount will be taken. On January 28,2025, Sheridan makes payment to Oriole for the full sales price.
(a)
Prepare the journal entries to record the sale and related cost of goods sold for Oriole Company on January 2,2025, and the payment on January 28,2025. Assume that Oriole Company records the January 2,2025, transaction using the net method. (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 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
(To record sales)
(To record cost of coonds sold)
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