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Lane returns defective goods with a selling price of 860

Question - On October 5, Lane Company buys merchandise on account from O'Brien Company. The selling price of the goods is $5,970, and the cost to O'Brien Company is $3,920. On October 8, Lane returns defective goods with a selling price of $860 and a scrap value of $320. Record the transactions on the books of O'Brien Company.

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Accounting Basics: Lane returns defective goods with a selling price of 860

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Accounting Basics: Lane returns defective goods with a selling price of 860

Reference No:- TGS02567829

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