Riverbed Ltd. had beginning inventory of 52 units that cost $100 each. During September, the company purchased 203 units on account at $100 each, returned 9 units for credit, and sold 151 units at $202 each on account. Your answer is partially correct. Journalize the September transactions, assuming that Riverbed Ltd. uses a perpetual inventory system. (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 for the amounts.) Debit Credit Account Titles and Explanation Purchases 20300 Accounts Payable 20300 (To record purchase on account) Accounts Payable 900 900 Purchases (To record purchase return) Accounts Receivable 30502 30502 Sales Revenue (To record sales on account) Cost of Goods Sold 14000 Purchases 14000 (To record cost of goods sold) Journalize the September transactions, assuming that Riverbed Ltd. uses a periodic inventory system. (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 for the amounts.) Debit Credit Account Titles and Explanation Purchases 20300 Accounts Payable 20300 (To record purchase on account) Accounts Payable 900 900 Purchase Returns and Allowances (To record purchase return) Accounts Receivable 30502 30502 Sales Revenue (To record sales on account) Your answer is partially correct. Assume that Riverbed Ltd. uses a periodic system and prepares financial statements at the end of each month. An inventory count determines that there are 95 units of inventory remaining at September 30. Prepare the adjusting entry that is needed at September 30 to report cost of goods sold. (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 amounts.) Date Account Titles and Explanation Debit Credit Sep. 30 Accounts Receivable 2745000 Inventory 426200 Cost of Goods Sold 1756800 Purchases 20300 Purchase Returns and Allowances 900