Sunland Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 6 Purchased merchandise from Novak Ltd. for $ 26,320, terms n/30, FOB shipping point. The appropriate company paid freight costs of $ 658 on the merchandise purchased on April 3. Purchased supplies on account for $ 4,700. 7 8 Returned merchandise to Novak and received a credit of $3,290. The merchandise was returned to inventory for future resale. 30 Paid the amount due to Novak in full. 1. The cost of the merchandise sold on April 3 was $ 17,860. Novak expected a return rate of 15%. The cost of the merchandise returned on April 8 was $ 2,162. 2. 3. Novak uses a perpetual inventory system. Record the transactions in the books of Novak (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit Apr 3 Inventory 26320 Accounts Payable 26320 (To record credit sale) Apr. 8 Inventory 658 Cash 658 (To record cost of merchandise sold) IO NO DOONII DO! 1001 TIIIII II II (To record return of goods) (To record cost of merchandise returned)