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On october 8 longhini returns defective goods with a

On October 5, Longhini Company buys merchandise on account from Okern Company. The selling price of the goods is $5,000, and the cost to Okern Company is $3,000. On October 8, Longhini returns defective goods with a selling price of $640 and a scrap value of $240. Record the transactions of Longhini Company, assuming a perpetual approach.

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Accounting Basics: On october 8 longhini returns defective goods with a

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Accounting Basics: On october 8 longhini returns defective goods with a

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