Question $3$ of $7$

View Policies

Current Attempt in Progress

Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in April.

April $3$ Purchased merchandise from DeVito Ltd$.$ for $$28,000,$ terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point.

$6$ The appropriate company paid freight costs of $$700$ on the merchandise purchased on April $3.$

$7$ Purchased supplies on account for $$5,000.$

$8$ Returned merchandise to DeVito and received a credit of $$3,500.$ The merchandise was returned to inventory for future resale.

$30$ Paid the amount due to DeVito in full.

Record the above transactions on Olaf's books. $($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 omounts. Record joumal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit