Exercise 5-1 This information relates to Oriole Co..
1. On April 5, purchased merchandise from Ivanhoe Company for $26,800, terms 3/10, n/30.
2. On April 6, paid freight costs of $750 on merchandise purchased from Ivanhoe Company.
3. On April 7, purchased equipment on account for $32,800.
4. On April 8, returned $3,600 of April 5 merchandise to Ivanhoe Company.
5. On April 15, paid the amount due to Ivanhoe Company in full.
(a)

Prepare the journal entries to record the transactions listed above on Oriole Co.’s books. Oriole Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
No.

Date

Account Titles and Explanation

Debit

Credit

1.
April 5April 6April 7April 8April 15May 4

2.
April 5April 6April 7April 8April 15May 4

3.
April 5April 6April 7April 8April 15May 4

4.
April 5April 6April 7April 8April 15May 4

5.
April 5April 6April 7April 8April 15May 4

(b)

Assume that Oriole Co. paid the balance due to Ivanhoe Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date

Account Titles and Explanation

Debit

Credit

April 5April 6April 7April 8April 15May 4

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