Use a tabular summary to record the following transactions for Oriole Company using a perpetual inventory system. (a) On March 2, Oriole Company sold $878,600 of merchandise to Ivanhoe Company on account. The cost of the merchandise sold was $562,200. (b) On March 6, Ivanhoe Company returned $118,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,000. (c) On March 12, Oriole Company received the balance due from Ivanhoe Company.

merchandise inventory

March 2:          -562,200

March 6:              61,000

                        -501,200

accounts receivable

March 2:          878,600

March 6:          -118,800

March 12:        -759,800

                                    0

sales revenue

March 2:           878,600

March 6:           -118,800

                         759,800

COGS

March 2:           562,200

March 6:              61,000

                          501,200

cash                      

March 12:          759,800                

                         759,800

answer; commerce clearing house;

answer; closing the loop;