View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Sheridan Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 6 7 Purchased merchandise from Pina Colada Ltd. for $25,760, terms n/30. FOB shipping point. The appropriate company paid freight costs of $644 on the merchandise purchased on April 3. Purchased supplies on account for $4,600, Returned merchandise to Pina Colada and received a credit of $3.220. The merchandise was returned to Inventory for future resale. Paid the amount due to Pina Colada in full. 30 1 2. 3. The cost of the merchandise sold on April 3 was $17.480. Pina Colada expected a return rate of 15%. The cost of the merchandise returned on April 8 was $2.116. Pina Colada uses a perpetual inventory system. Record the transactions in the books of Pina Colada. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Apr 3 Date Account Titles and Explanation Debit Credit Apr. 32 (To record credit sale) Apr. 3 (To record cost of merchandise sold) Apr 6 Apr. 7 Apr 8 4F (To record return of goods) Apr (To record cost of merchandise sold) Apr. 6 2 Apr 7 Apr. 8 (To record return of goods) Apr 8 (To record cost of merchandise returned) Apr. 30 eTextbook and Media List of Accounts