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Bridgeport Corp. uses a periodic inventory system. The company had the following inventory transactions in April:
April
3 Purchased merchandise from Sarasota Ltd. for $26,300, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $670 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,270. 8 Returned damaged merchandise to Sarasota received a credit of $3,500. The merchandise was returned to inventory for future resale. 30 Paid the amount due to Sarasota in full.
1. The cost of the merchandise sold on April 3 was $18,970. Sarasota expected a return rate of 15%.
2. The cost of the merchandise returned on April 8 was $2,300. 3. Sarasota uses a periodic inventory system.
Problem 1: Record the above transactions in Bridgeport's books and in the books of Sarasota. Both companies use the periodic inventory system.
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