On October 20, Iverson sells merchandise with a cost of $3,000 to Thom for $5,000 cash. On October 25, Iverson received returned goods from Thom and refunds the amount in cash for items that had a selling price of $500 and a cost of $300. Use a tabular summary to record the transactions for Iverson Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities + Accounts Payable Common Stock Date Cash + Inventory + ct. 20 $ $ $ $ 25 On October 20, Iverson sells merchandise with a cost of $3,000 to Thom for $5,000 cash. On October 25, Iverson received returned goods from Thom and refunds the amount in cash for items that had a selling price of $500 and a cost of $300. Use a tabular summary to record the transactions for Iverson Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Stockholders' Equity Retained Earnings Rev. Exp. Div. $ $ Bad debt expense Accounts receivable Sales returns & allowances Cost of goods sold Sales revenue e Textbook and Media Save for Later Attempts: 0 of 5 used Submit