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find the answer The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Riverbed Ltd. sold goods to Concord
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The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Riverbed Ltd. sold goods to Concord Corp. for $59,600, terms n/15, FOB shipping point. The inventory had cost Riverbed $31,600. Riverbed's management expected a return rate of 3% based on prior experience. 7. Shipping costs of $800 were paid by the appropriate company. 8 Concord returned unwanted merchandise to Riverbed. The returned merchandise has a sales price of $1,840, and a cost of $1,000. It was restored to inventory. 11 Riverbed received the balance due from Concord. Record the above transactions in the books of Riverbed. (List all debit entries before credit entries. 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 O for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec.3 Accounts Recelable 59600 Sales 59600 1 (To record credit sale) ec. 3 Cost of Goods Sold 31600 31600 Inventory (To record cost of merchandise sold) Dec. 7 No Entry No Entry Inventory 31600 (To record cost of merchandise sold) Dec. 7 No Entry No Entry Dec. 8 Sales Returns and Allowances 1840 Accounts Receivable 1840 (To record return of goods) Dec. 8 Inventory 1... . 1000 Cost of Goods Sold 1000 (To record cost of merchandise returned) Dec. 11 Cash 57760 Accounts Receivable 57760 e Textbook and Media Assistance UsedStep by Step Solution
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