litre bottles of olive oil purchased at $$12$ per litre. Marigold uses a perpetual inventory system. Return rates in food industry are moderate, with Marigold experiencing a $5\%$ return rate historically.During the month of November, the following merchandise transactions occurred:November $2$Sold $120$ one$-$litre bottles of olive oil on account to Eatalia Grocery for $$29$ each, with an average cost of $$12\mathrm{.}4$ Purchased $200$ bottles of olive oil for $$10$ each from Ambrosia Oleum, terms n$/30\mathrm{.}8,$ Purchased $200$ bottles on account for $$11$ each from EVOO, terms n$/30\mathrm{.}10$ Granted Eatalia a $$145$ credit for five bottles of olive oil returned to Marigold. The bottles were restored to inventory$\mathrm{.}13141618242630$Received a $$110$ credit for $10$ bottles of olive oil returned to EVOO.Sold $40$ bottles of olive oil on account to Mezes Restaurant for $$40$ each, with an average cost of $$11,$ terms n$/30.$Issued a $$116$ credit memorandum to Eatalia Grocery for the return of four bottles of olive oil. The bottles were not returned to inventory as it was past the best before date.Received payment in full from Eatalia Grocery.Paid EVOO in fullReceived payment in full from Mezes.Sold $50$ bottles to La Bodega Grocery for $$29$ each, with an average cost of $$11,$ terms n$/30.$Assignment $2($Chapters $5/6)$

Question $3$ of $7$

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Date

Account Titles and Explanation

Debit

Credit

Nov. $2$

Accounts Receivable

revenu

$($To record sales$)$

$($To record cost of goods sold$)$

Temps to plum...

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Question $3$ of $7$

$($To record cost of inventory returned$)$

$.../1$

$($To record sales$)$

$($To record cost of goods sold$)$