Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. oriole company sells goods to sheridan inc. by acc

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

90.2K

Verified Solution

Question

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)
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Mechanical Engineering
1.2K views

1)Describe what a “riser” is in the context of sand casting. What are its functions? In light...

General Management
1.2K views

In December 2016, Arshad Ali joined Imperial Computers Ltd. (ICL) as a Senior Programmer, with a...

Biology
1.2K views

2008 Pearson Education Inc The graph below shows the membrane potential measured at the axon...

Biology
1.2K views

Iron Fe Chloride CI Zinc Zn Oxygen O Magnesium Mg Sodium Na One of the...

Physics
1.2K views

How many slits per centimetre does a grating have if the third order occurs at...

Calculus
1.2K views

All exponential functions can be written in many forms. Write the functionf(t) = 6100e????? in...

Accounting
1.2K views

please dont copy and paste ...

Accounting
1.2K views

Alpha Company manufactures a single product, the Whiz Mixer kitchen appliance, which it sells for...

Accounting
1.2K views

Tempo Company's fixed budget (based on sales of 10,000 units) for the first quarter of...

Accounting
1.2K views

Intermediate Accounting I Accounting Project Version 1 Cherry & White Bike Company...

Accounting
1.2K views

Mary Walker, president of Rusco Company, considers $29,000 to be the minimum cash balance for...

Finance
1.2K views

rse Content rse Documents dy Modules aborate Session Unks Please compute the following present values:...