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need help with April 8 & April 30 entries. thanks! ter 5 Question 6 of 7 9.27/10 Cullumber Corp. uses a perpetual inventory system. The
need help with April 8 & April 30 entries. thanks! ter 5 Question 6 of 7 9.27/10 Cullumber Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 6 7 Purchased merchandise from Riverbed Ltd. for $35,840, terms n/30, FOB shipping point The appropriate company paid freight costs of $896 on the merchandise purchased on April 3. Purchased supplies on account for $6,400. Returned merchandise to Riverbed and received a credit of $4,480. The merchandise was returned to inventory for future resale. Paid the amount due to Riverbed in full. 8 30 1. 2. 3. The cost of the merchandise sold on April 3 was $24,320, Riverbed expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,944, Riverbed uses a perpetual inventory system. Record the 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 for the amounts.) Date Account Titles and Explanation Debit Credit Apr.3 Accounts Receivable 35840 Sales 30464 Refund Liability 5376 (To record credit sale) MacBook Air Question 6 of 7 9.27/10 E (To record credit sale) Apr. 3 Cost of Goods Sold 20672 Estimated Inventory Returns 3648 Inventory 24320 (To record cost of merchandise sold) Apr. 6 V No Entry No Entry Apr. 7 No Entry 0 No Entry 0 Apr. 8 Refund Liability Accounts Receivable (To record return of goods) Inventory Apr. 8 29414 2944 Estimated Inventory Returns (To record cost of merchandise returned) Cash Apr. 30 Accounts Receivable
need help with April 8 & April 30 entries. thanks!
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