Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the following transactions occurred during the month of April: a. On April 1, Rigoletto Corp. purchased merchandise on account from Villanuevo, Inc. with credit terms of 2/10, n/30. The selling price of the merchandise was $3,600 and the cost of the merchandise sold was $2,450. b. On April 1, Rigoletto paid delivery charges of $100 cash to have the goods delivered to its store. c. On April 8, Rigoletto returned $1,000 of the merchandise which had originally cost Villanuevo $700. d. On April 10, Rigoletto paid Villanuevo the balance due. Assume that Rigoletto uses a periodic inventory system. Required: 1. Prepare the journal entry to record the April 1 purchase of merchandise and payment of freight by Rigoletto Corp. April 1 - P o (Purchased inventory on account) April 1 (Paid cash for shipping fees) 2. Prepare the journal entry to record the April 8 return of merchandise. April 8 (Returned merchandise) 3. Prepare the journal entry to record the April 10 payment to Villanuevo, Inc. If an amount box does not require an entry, leave it blank. April 10 (Recorded payment within the discount period)