Concord Corp. uses a periodic inventory system. The company had the following inventory transactions in April: April 3 6 7 Purchased merchandise from Riverbed Ltd. for $26,400, terms n/30, FOB shipping point. The appropriate company paid freight costs of $750 on the merchandise purchased on April 3. Purchased supplies on account for $4,770. Returned damaged merchandise to Riverbed received a credit of $3,700. The merchandise was returned to inventory for future resale. Paid the amount due to Riverbed in full. 8 30 1. 2. The cost of the merchandise sold on April 3 was $18,240. Riverbed expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,400. Riverbed uses a perpetual inventory system. 3. Record the above transactions in Concord's books and in the books of Riverbed. Both companies use the periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Concord Corp. Date Account Titles and Explanation Debit Credit