Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the following transactions occurred during the month of April: a. On April 1, Rigoletto Corp. purchased merchandise on account from Villanuevo, Inc. with credit terms of 2/10, n/30. The selling price of the merchandise was $3,800 and the cost of the merchandise sold was $2,450. b. On April 1, Rigoletto paid delivery charges of $100 cash to have the goods delivered to its store. c. On April 8, Rigoletto returned $1,000 of the merchandise which had originally cost Villanuevo $700. d. On April 10, Rigoletto paid Villanuevo the balance due. Required: 1. Prepare the journal entry to record the April 1 purchase of merchandise and payment of freight by Rigoletto Corp. April 1 (Purchased inventory on account) April 1 (Paid cash for shipping fees) 2. Prepare the journal entry to record the April 8 return of merchandise. April 8 Check My Work 3 more Check My Work uses remaining. Previous