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A retailer uses a perpetual inventory system. During October, the following transactions occurred. On October 3, the retailer sold merchandise to a customer on terms

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A retailer uses a perpetual inventory system. During October, the following transactions occurred. On October 3, the retailer sold merchandise to a customer on terms of 3/10 net 30 days, FOB destination. The selling price was $4,200 and cost of the inventory sold was 2,100. The correct party paid $350 of freight costs on October 4 to the shipping company for delivery of the October 3 sale. On October 5, the retailer purchased $10,600 df merchandise from a supplier on terms of 1/15 net 45, FOB destination. The correct party paid $190 of freight costs on October 6 to the shipping company for the October 5 purchase. On October 6, the October 3 customer returned $800 of the goods sold to the retailer. The cost of the inventory returned was $400. The stock was undamaged and returned to inventory. The retailer returned $1,000 of inventory to its supplier on October 8. The inventory was purchased on October 5. On October 11, the retailer received cash payment from its October 3 customer. On October 13, the retailer paid for the inventory purchased on October 5. REQUIRED - Prepare the retailer's journal entries for the above transactions either by typing in the box below or writing on a sheet of paper, scanning the page as a PDF file (or typing in Word or Excel) and uploading your solution to Moodle

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