On June 10, Oriole Company purchased $9,500 of merchandise on account from Sheffield Company, FOB shipping point, terms 2/10, n/30. Oriole pays the freight costs of $550 on June 11. Goods totaling $400 are returned to Sheffield for credit on June 12. On June 19, Oriole pays Sheffield Company in full, less the discount. Both companies use a perpetual inventory system. 1. Prepare separate entries for each transaction on the books of Oriole Company. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) 2. Prepare separate entries for each transaction for Sheffield Company. The merchandise purchased by Oriole on June 10 cost Sheffield $5,200, and the goods returned cost Sheffield $200. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.)
On June 10, Oriole Company purchased $9,500 of merchandise on account from Sheffield Company, FOB shipping point, terms 2/10, n/30. Oriole pays the freight costs of $550 on June 11. Goods totaling $400 are returned to Sheffield for credit on June 12. On June 19, Oriole pays Sheffield Company in full, less the discount. Both companies use a perpetual inventory system.
1. Prepare separate entries for each transaction on the books of Oriole Company. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.)
2. Prepare separate entries for each transaction for Sheffield Company. The merchandise purchased by Oriole on June 10 cost Sheffield $5,200, and the goods returned cost Sheffield $200. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.)
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