On October $5,$ Concord Corporation buys merchandise for resale on account from Riverbed Corporation. The selling price of the

goods is $$5,300,$ and the cost to Riverbed Company is $$3,040.$ Riverbed Company expects a return rate of $15\%.$ On October $8,$

Concord returns defective goods with a selling price of $$700$ and a cost of $$240.$ Riverbed anticipates that these goods can be resold

at a discount at some point in the future for at least the original cost of $$240,$ if not more. Both companies use a perpetual inventory

system.

$($a$)$

Record the transactions on the books of Concord Corporation. $($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

CreditRecord the transactions on the books of Riverbed Corporation. $($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 sale of merchandise on account$)$

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

$($To record return of merchandise$)$

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