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Q3;;; On June 3, 2022, Riverbed Company sold to Ann Mount merchandise having a sales price of $8,100(cost$6,480) with terms of n/60. fo.b. shipping point.
Q3;;; On June 3, 2022, Riverbed Company sold to Ann Mount merchandise having a sales price of $8,100(cost$6,480) with terms of n/60. fo.b. shipping point. Riverbed estimates that merchandise with a sales value of $810 will be returned. An invoice totaling $120 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8 , Mount returned to Riverbed $200 of merchandise containing flaws. Riverbed expects the returned items to be resold at a profit. The freight on the returned merchandise was $23, paid by Riverbed on June 8 . On July 16 , the company received a check for the balance due from Mount. No further returns are expected. Prepare journal entries for Riverbed Company to record all the events in June and July. (Credit account titles are automatically indented when 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) (To record cost of goods sold) (To record sales returns) (To record cost of goods returned) (To record the freight cost)
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