Concord Ltd. and Riverbed Ltd. incurred the followingmerchandise transactions in June. June 10 Concord sold $4,400 ofmerchandise to Riverbed, terms 1/10, n/30, FOB shipping point. Themerchandise cost Duvall $2,640 when it was originally purchased. 11Freight costs of $190 were paid by the appropriate company. 12Concord received damaged goods returned by Riverbed for credit. Thegoods were originally sold for $700; the cost of the returnedmerchandise was $420. The merchandise was not returned toinventory. 19 Concord received full payment from Riverbed.
Prepare journal entries for each transaction in the books ofConcord Ltd., assuming (1) a perpetual inventory system is used,and (2) a periodic inventory system is used.
