Your answer is correct. Rob Corp is a lumber yard on Angel Island. Apr. 15 Sold lumber on an account to Hard Hat Construction, $570,000. The inventory subsidiary ledger shows the cost of this merchandise was $280,000. Apr. 19 Purchased lumber on account from LHP Company $100,000. May 10 Collected in cash the $570,000 accounts receivable from Hard Hat Construction. May 19 Paid the $100,000 owed to LHP Company, Dec. 31 Rob Corp personnel counted the inventory on hand and determined its cost to be $140,000. The accounting records, however, indicate inventory of $160,000 and a cost of goods sold of $820,000. The physical count of the inventory was observed by the company's auditors and it is considered correct. Prepare journal entries to record the above transactions and events in the accounting record of Rob Corp (the company uses a perpetual system). (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Apr. 15 Accounts Receivable 570,000 Sales Revenue 570,000 (To record sales.) Apr. 15 Cost of Goods Sold 280,000 Inventory 280,000 (To record cost of goods sold.) Apr. 19 Inventory 100,000 Accounts Payable 100,000 May 10 Cash 570,000 Accounts Receivable 570,000 May 19 Accounts Payable 100,000 Cash 100,000 M Dec. 31 Cost of Goods Sold 20,000 L Inventory 20,000 (b) Prepare Journal Entries for Sales and Purchases (With Discounts) Super Copy Co. is an office supply store. The company uses a perpetual inventory system. July 1 Purchased four Doni copying machines on account from Doni Corp. Total invoice price was $2,200 per machine ($8,800 total); terms of 2/10, n/30. These machines are intended for resale. 3 Found one of the Doni copiers to be defective and returned it to Doni, thus reducing the amount owed. 8 Paid the amount owed to Doni Corp. 9 Sold on account one of the Doni copiers to Cross Realty. The sales price was $4,400, terms 6/10, n/60. 19 Received full payment from Cross. Record the above transactions in the company's general journal. To conserve space, omit the written explanations which normally should accompany the entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record cost cost of goods sold.) (To record sales.) July 19