Assume information similar to that in DO IT! 5-2. That is: On October 5, Lepik Company buys merchandise on account from Tamm Company. The selling price of the goods is €4,700, and the cost to Tamm Company is €3,100. On October 8, Lepik returns defective goods with a selling price of €650 and a fair value of €160. Record the transactions on the books of Tamm Company.
In DO IT! 5-2
On October 5, Lepik Company buys merchandise on account from Tamm Company. The selling price of the goods is €4,700, and the cost to Tamm Company is €3,100. On October 8, Lepik returns defective goods with a selling price of €650 and a fair value of €160. Record the transactions on the books of Lepik Company.