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On June 10, Oriole Company purchased $8,580 of merchandise from Pharoah Company, on account, terms...

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Accounting

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On June 10, Oriole Company purchased $8,580 of merchandise from Pharoah Company, on account, terms 3/10, n/30. Oriole pays the freight costs of $520 on June 11. Goods totaling $580 are returned to Pharoah for credit on June 12. On June 19, Oriole Company pays Pharoah Company in full, less the purchase discount. Both companies use a perpetual inventory system. Use a tabular summary to record transaction on the books of Oriole Company. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities Accounts Payable Date Cash + Inventory Oct. 10 $ $ $ 11 12 19 Stockholders' Equity Retain + Common Stock + Rev. Exp. HA $ $ ned Earnings Div. $

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