Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in...
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Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April Purchased merchandise from DeVito Ltd for $ terms FOB shipping point. The appropriate company paid freight costs of $ on the merchandise purchased on April : Purchased supplies on account for $ Returned merchandise to DeVito and received a credit of $ The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. Additional information: The cost of the merchandise sold on April was $ The cost of the merchand Date Account Titles and Explanation Debit Credit To record credit sale Apr. To record cost of merchandise sold Accounts Payableise returned on April was $ DeVito uses a perpetual inventory system. 
Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:
April Purchased merchandise from DeVito Ltd for $ terms FOB shipping point.
The appropriate company paid freight costs of $ on the merchandise purchased on April :
Purchased supplies on account for $
Returned merchandise to DeVito and received a credit of $ The merchandise was returned to inventory for future resale.
Paid the amount due to DeVito in full.
Additional information:
The cost of the merchandise sold on April was $
The cost of the merchand
Date
Account Titles and Explanation
Debit
Credit
To record credit sale
Apr.
To record cost of merchandise sold
Accounts Payableise returned on April was $
DeVito uses a perpetual inventory system.
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