(1) 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…
(1) 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.Credit_____________?
