INSTRUCTIONS: For each transaction below, complete the journal entry by selecting the account name from the available drop down box and entering the dollar amount to the right of the account name. The first account is the debit account. The second account is the credit account. Enter figures as positive numbers. Leaving the response blank will result in zero credit for that question. This section is worth 52 out 100 total possible points. Record the transactions using a perpetual Inventory system: Dr. Account Dr. Amount Cr. Account Cr. Amount Example: Riumbau Company pay for inventory purchased on account with terms of 2/10, 1/30 within 10 days from the receipt of the invoice. The discount provided by the vendor was $1.000. Record the journal entry that accounts for the discount. Accounts Payable $ 1.000 Merchandise Inventory Riumbau Company purchases $20,000 of merchandise for resale from ABC Wholesaler on account. Riumba Company is $2,000 of merchandise an account that costs $1,000. What is the journal entry to record the sale of the merchandise? Riumbau Company sells $2,000 of merchandise on account that costs $1,000. What is the journal entry to record the cost of the merchandise sold? Rumba Company sells $3,000 of merchandise in exchange for cash. The merchandise cost $1,500. What is the journal entry to record the sale of the merhandise? Rumba Company is $1,000 of merchandise in exchange for cash. The merchandise.com $1,500. What is the Ljournal entry to record the cost of the merhandise sold? Riumbau Company returns $4,000 of defective merchandise to ABC Wholesaler for a full refund. The refund is issued before Rumbau Company pays for the merchandise that was bought on account Record the transactions using a periodic inventory system: Dr. Account Dr. Amount Cr. Account Cr. Amount Riumbaw Company purchases $20,000 of merchandise for resale from ABC Wholesaleron count. Rumba Company wells $2,000 of merchandise on count that costs $1,000. What is the journal entry to record the sale of the merchandise? Riumbau Company sells $3,000 of merchandise in exchange for cash. The merchandise cost $1,500. What is the journal entry to record the sale of the merhandise? Riumbaw Company returns $4,000 of defective merchandise to ABC Wholesaler for a full refund. The refund is issued before Riumbau Company pay for the merchandise that was bought on account What is the journal entry needed to record the cost of sales for the period. Remember that $4,000 of inventory was not sold but returned to ABC Wholesaler.) Transactions 7-10 should be used in calculating COGS. Assume begininning inventory was $0. At the end of the period what is the journal entry needed to record the inventory purchases in the inventory At the end of the period what is the journal entry needed to record the inventory returns in the inventory account