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On october 5 lane company buys merchandise on account from

1. On October 5, Lane Company buys merchandise on account from O'Brien Company. The selling price of the goods is $5,000, and the cost to O'Brien Company is $3,000. On October 8, Lane returns defective goods with a selling price of $700 and a scrap value of $250. Record the transactions on the books of Lane Company.

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Accounting Basics: On october 5 lane company buys merchandise on account from

Reference No:- TGS01527190

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