Oriole Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 6 7 8 Purchased merchandise from Concord Ltd. for $30,800, terms n/30, FOB shipping point. The appropriate company paid freight costs of $770 on the merchandise purchased on April 3. Purchased supplies on account for $5,500. Returned merchandise to Concord and received a credit of $3,850. The merchandise was returned to inventory for future resale. Paid the amount due to Concord in full. 30 1. 2. The cost of the merchandise sold on April 3 was $20,900. Concord expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2,530. Concord uses a perpetual inventory system. 3. Record the transactions in the books of Concord. (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 Inventory 30800 Accounts Payable Accounts Payable (To record credit sale) Apr. 6 (To record cost of merchandise sold) Apr. 7 Apr. 8 Apr. 30 V (To record return of goods) Record the transactions in the books of Concord. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Apr.3 Inventory 30800 Accounts Payable Accounts Payable (To record credit sale) Apr. 6 (To record cost of merchandise sold) Apr. 7 Apr. 8 Apr. 30 V HI (To record return of goods) (To record cost of merchandise returned)