CALCULATOR BACK NE Do It! Review 5-03 On October 5, Sheridan Company buys merchandise on account from Grouper Company. The selling price of the goods is $4,890, and the cost to Grouper Company $3,490. On October 8, Sheridan returns defective goods with a selling price of $670 and a fair value of $140. Grouper Company uses the perpetual inventory system Record the transactions on the books of Grouper Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sales) (To record cost of goods sold on account) (To record credit granted for receipt of returned goods) v (To record fair value of goods returned) SHOW LIST OF ACCOUNTS