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Riverbed Company sold $76000 worth of goods on account to Bramble Inc. on June 20 . Riverbed marks all goods up 25% on cost. Bramble

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Riverbed Company sold $76000 worth of goods on account to Bramble Inc. on June 20 . Riverbed marks all goods up 25% on cost. Bramble has 45 days to return the goods for any reason. On July 1 , Bramble returns $6650 worth of goods. Riverbed expects to be able to resell the returned goods at a profit. The journal entries for Riverbed to record the initial sales on June 20 included debits to Inventory for $76000, and Cash for $60800. No entry can be made because the items can be returned. Accounts Receivable for $76000, and Cost of Goods Sold for $60800. Accounts Receivable for $76000, and Sales of $60800

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