Question: Assume information similar to that in Do it! 5-1. That is: On October 5, Bouldin Company buys merchandise on account from McClinton Company. The selling

Assume information similar to that in Do it! 5-1. That is: On October 5, Bouldin Company buys merchandise on account from McClinton Company. The selling price of the goods is $5,000, and the cost to McClinton Company is $3,100. On October 8, Bouldin returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of McClinton Company.

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