Question

Question 2 --/1 View Policies Current Attempt in Progress The following transactions are for Ivanhoe Company. 1. On December 3, Ivanhoe Company sold $492,700 of merchandise to Oriole Co. on account. The cost of the merchandise sold was $312,100. 2. On December 8, Oriole Co. returned $23,000 of merchandise purchased on December 3. The cost of the goods was $16.000. 3. On December 13, Ivanhoe Company received the balance due from Oriole Co. Prepare a tabular summary to record these transactions for Ivanhoe Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities + Stockholders' Equity Retained Earnings Exp. Cash + Accts. Rec. + Inv. Accts. Pay. Common Stock + + Rev. Dec. 3 $

Answer 1

	Assets			Liabilities	Stockholders' equity
	Cash	Accounts receivables	Inventory	Accounts payable	Common stock	Revenues	Expenses
Dec. 3		492,700				492,700
			- 312,100				- 312,100
Dec. 8		- 23,000				- 23,000
			16,000				16,000
Dec. 13	469,700	- 469,700

Final amount due = Sales revenue - Sales returns

= 492,700 - 23,000

= $469,700

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