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Lane returns defective goods with a selling price of 840

Question - On October 5, Lane Company buys merchandise on account from O'Brien Company. The selling price of the goods is $6,710, and the cost to O'Brien Company is $3,170. On October 8, Lane returns defective goods with a selling price of $840 and a scrap value of $430. Record the transactions on the books of Lane Company.

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Accounting Basics: Lane returns defective goods with a selling price of 840

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