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Riverbed Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Riverbed purchased $67,000 of

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Riverbed Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Riverbed purchased $67,000 of inventory, terms 2/10,n/30, FOB shipping point. (2) Riverbed paid freight costs of $1,250. (b) On July 3, Riverbed returned damaged goods and received credit of $6,700. (c) On July 10, Riverbed paid for the goods. Prepare all necessary journal entries for Riverbed. (If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Credit account titles are outomatically indented when amount is sentered. Do not indent manually. List all debit entries before credit entries.) Prepare all necessary journal entries for Riverbed. (If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered, Do not indent manually. List all debit entries before credit entries.)

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