Question: DO IT! 5.2 (LO 2) On October 5, Wang Company buys merchandise on account from Davis Company. The selling price of the goods is $4,800,

DO IT! 5.2 (LO 2) On October 5, Wang Company buys merchandise on account from Davis Company. The selling price of the goods is $4,800, and the cost to Davis Company is $3,100. On October 8, Wang returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Wang Company.

Record transactions of purchasing company.

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