Question: On October 5 Loomis Company buys merchandise on account from
On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $5,000, and the cost to Brooke Company is $3,100. On October 8, Loomis returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Loomis Company.
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