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Use the following information to complete questions 51-52. Presented below are transactions for Amazing Retailer Inc. October 20. Sold merchandise for S3000 on account to

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Use the following information to complete questions 51-52. Presented below are transactions for Amazing Retailer Inc. October 20. Sold merchandise for S3000 on account to Duty Ld. terms 2/10, no. RB shipping point. The merchandise had a cost of $18,000. Freight charges, $750, were paid by the appropriate company October 21. Dixty returned $5000 of merchandise for credit $3000 and was restored to inventory on account. The merchandise originally cost October 29 Dixty paid Amazing Retailer Inc the company uses a perpetual inventory system, the journal entries to record the above transactions would be: Accounts Receivable Sales October 20 18,000 Cost of Goods Sold 18,000 Merchandise Inventory October 21 Sales Returns and Allowances 5,000 Accounts Receivable 3,000 Merchandise Inventory 3,000 Cost of Goods Sold 24.500 500 October 29 Cash Sales Discount Accounts Receivable October 20 Accounts Receivable 30,000 Cost of Goods Sold.. 18,000 Merchandise Inventory 18,000 750 Merchandise Inventory Cash 750 Sales Returns and Allowances Accounts Receivable October 21 5,000 Merchandise Inventory Cost of Goods Sold 3,000 24.500 300 October 29 Cash Sales Discount Accounts Receivable October 20 Accounts Receivable 5,000 Sales Returns and Allowances Accounts Receivable.. October 21 October 29 Cash Accounts Receivable Accounts Receivable Sales October 20 Cost of Goods Sold 18,000 Merchandise Inventory 18,000 October 21 Sales Returns and Allowances Accounts Receivable 5,000 Merchandise Inventory Cost of Goods Sold. October 29 Cash 25,000 Accounts Receivable 25,000

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