Riverbed Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from DeVito Ltd. for $24.640, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $616 on the merchandise purchased on April 3. 7 Purchased supplies on account for $4,400. 8 Returned merchandise to DeVito and received a credit of $3,080. The merchandise was returned to inventory for future resale. 30 Paid the amount due to DeVito in full. Record the above transactions in Riverbed's books. (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 0 for the amounts.) Date Account Titles and Explanation Debit Cre

Riverbed Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from DeVito Ltd. for $24.640, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $616 on the merchandise purchased on April 3. 7 Purchased supplies on account for $4,400. 8 Returned merchandise to DeVito and received a credit of $3,080. The merchandise was returned to inventory for future resale. 30 Paid the amount due to DeVito in full. Record the above transactions in Riverbed's books. (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 0 for the amounts.) Date Account Titles and Explanation Debit Cre

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to 185,294. The Merchandise Inventory account shows a balance of 187,936. Journalize the adjusting entry.
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