On March 1, Chickadee Company sold merchandise to Oriole Company for $5,000 with terms of 3/10, net 30. On March 10, Oriole Company paid 50% of the amount due (assume the company allows the discount on partial payments). On March 25, Oriole Company returned $500 of merchandise and also paid the remaining balance due.
Prepare the necessary journal entries that Chickadee Company should make on March 1, March 10, and March 25.

Question

Quizplus · Accepted Answer

The Answer of On March 1, Chickadee Company sold merchandise to Oriole Company for $5,000 with terms of 3/10, net 30. On March 10, Oriole Company paid 50% of the amount due (assume the company allows the discount on partial payments). On March 25, Oriole Company returned $500 of merchandise and also paid the remaining balance due.
Prepare the necessary journal entries that Chickadee Company should make on March 1, March 10, and March 25.

On March 1, Chickadee Company Sold Merchandise to Oriole Company