Please do not give image format Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marginexplanations for the changes in revenues and expenses.(a)(b)(c)On March 2, Ivanhoe Company sold $864,000 of merchandise to Oriole Company on account. The cost of the merchandisesold was $583,200.-Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.- Increases in expenses require a negative sign or parentheses.- Reductions in revenues require a negative sign or parentheses.(b)On March 6, Oriole Company returned $151,200 of the merchandise purchased on March 2. The cost of the merchandisereturned was $101,520.On March 12, Ivanhoe Company received the balance due from Oriole Company.(a) Mar. 2 $(c)612Cash+tAAssetsAccts. Rec.+$LAInv."1taLiaAc

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Description: Please do not give image format Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marginexplanations for the changes in revenues and expenses.(a)(b)(c)On March 2, Ivanhoe Compan

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Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marg explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Ivanhoe Company sold $864,000 of merchandise to Oriole Company on account. The cost of the merchandise sold was $583,200. On March 6, Oriole Company returned $151,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $101,520. On March 12, Ivanhoe Company received the balance due from Oriole Company.

Use a tabular summary to record the following transactions for Ivanhoe Company using a perpetual inventory system. Include marg explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Ivanhoe Company sold $864,000 of merchandise to Oriole Company on account. The cost of the merchandise sold was $583,200. On March 6, Oriole Company returned $151,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $101,520. On March 12, Ivanhoe Company received the balance due from Oriole Company.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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