Assume information similar to that in DO IT! That is: On October 5, Gibson Company buys merchandise
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On October 5, Gibson Company buys merchandise on account from Quincy Company. The selling price of the goods is $4,700, and the cost to Quincy Company is $3,100.
On October 8, Gibson returns defective goods with a selling price of $650 and a fair value of $160. Record the transactions on the books of Quincy Company.
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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