Prepare the journal entries to record the following sales transactions in Riverbed Corp s books Riverbed uses a perpetual inventory system (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 0 for the amounts ) Jan 2 Riverbed sold $40,000 of goods to Xtra Inc , terms n 45, FOB destination The cost of the goods sold was $22,400 Riverbed expected a return rate of 15 5 The appropriate company paid freight costs of $800 6 Xtra returned $5,200 of the merchandise purchased from Riverbed on January 2, because it was not needed The cost of the merchandise returned was $2,912, and it was restored to inventory 11 Riverbed received the balance due from Xtra List of Account Accounts Payable Accounts Receivable Accumulated Depreciation Buildings Accumulated Depreciation Equipment Accumulated Depreciation Vehicles Administrative Expenses Advertising Expense Bank Loan Payable Buildings Cash Common Shares Cost of Goods Sold Current Portion of Bank Loan Payable Current Portion of Mortgage Payable Depreciation Expense Dividends Declared Estimated Inventory Returns Equipment Freight In Freight Out Income Summary Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Mortgage Payable No Entry Office Expense Prepaid Insurance Prepaid Rent Property Tax Expense Property Tax Payable Purchase Discounts Purchase Returns and Allowances Purchases Refund Liability Rent Expense Rent Revenue Retained Earnings Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns and Allowances Selling Expenses Supplies Supplies Expense Travel Expense Unearned Revenue Utilities Expense Vehicles Date Account Titles and Explanation Debit Credit Jan 2 Accounts Receivable 40000 40000 Not Sales (To record credit sale) 2 Cost of Goods Sold 22400 Inventory 22400 (To record cost of goods sold) 5 Freight Out 800 Cash 800 6 Sales Returns and Allowances 5200 Accounts Receivable 5200 (To record return of goods) 6 Inventory 2912 Cost of Goods Sold 2912 (To record cost of goods returned) 11 Cash 34800 Accounts Receivable 34800

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Prepare the journal entries to record the following sales transactions in Riverbed Corp.s books. Riverbed uses a perpetual inventory system. (List all debit entries before

Prepare the journal entries to record the following sales transactions in Riverbed Corp.s books. Riverbed uses a perpetual inventory system. (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 0 for the amounts.)

Jan.	2	Riverbed sold $40,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $22,400. Riverbed expected a return rate of 15%.
	5	The appropriate company paid freight costs of $800.
	6	Xtra returned $5,200 of the merchandise purchased from Riverbed on January 2, because it was not needed. The cost of the merchandise returned was $2,912, and it was restored to inventory.
	11	Riverbed received the balance due from Xtra.

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List of Account

Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Vehicles
Administrative Expenses
Advertising Expense
Bank Loan Payable
Buildings
Cash
Common Shares
Cost of Goods Sold
Current Portion of Bank Loan Payable
Current Portion of Mortgage Payable
Depreciation Expense
Dividends Declared
Estimated Inventory Returns
Equipment
Freight In
Freight Out
Income Summary
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Revenue
Inventory
Land
Mortgage Payable
No Entry
Office Expense
Prepaid Insurance
Prepaid Rent
Property Tax Expense
Property Tax Payable
Purchase Discounts
Purchase Returns and Allowances
Purchases
Refund Liability
Rent Expense
Rent Revenue
Retained Earnings
Salaries Expense
Salaries Payable
Sales
Sales Discounts
Sales Returns and Allowances
Selling Expenses
Supplies
Supplies Expense
Travel Expense
Unearned Revenue
Utilities Expense
Vehicles

Date Account Titles and Explanation Debit Credit Jan. 2 Accounts Receivable 40000 40000 Not "Sales" (To record credit sale) 2 Cost of Goods Sold 22400 Inventory 22400 (To record cost of goods sold) 5 Freight Out 800 Cash 800 6 Sales Returns and Allowances 5200 Accounts Receivable 5200 (To record return of goods) 6 Inventory 2912 Cost of Goods Sold 2912 (To record cost of goods returned) 11 Cash 34800 Accounts Receivable 34800