Olat Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:

April $3"$ Purchased merchandise from DeVito Ltd$.$ for $$28,000,$ terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point.

$6$ The appropriate company paid freight costs of $$700$ on the merchandise purchased on April $3.$

$7$ Purchased supplies on account for $$5,000.$

$8$ Returned merchandise to DeVito and received a credit of $$3,500.$ The merchandise was returned to inventory for future resale.

$30$ Paid the amount due to DeVito in full.

Additional information:

The cost of the merchandise sold on April $3$ was $$19,000.$

The cost of the merchandise returned on April $8$ was $$2,300.$

DeVito uses a perpetual inventory system.

Record the transactions in the books of DeVito. $($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 $0$ for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

$($To record credit sale$)$

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

$($To record return of goods$)$

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