On October 5, Wang Company sells merchandise to Davis Company for $4,800, terms 2/10, n/30. The...

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On October 5, Wang Company sells merchandise to Davis Company for $4,800, terms 2/10, n/30. The cost of the merchandise sold is $3,100. On October 7, Davis Company returns defective goods with a selling price of $650 and a fair value of $100. On October 11, Wang Company receives the balance due from Davis Company. Record the October 7 and October 11 transactions on the books of Wang Company using the perpetual inventory system. (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 granted for receipt of returned goods) (To record fair value of goods returned) > > On October 5, Wang Company sells merchandise to Davis Company for $4,800, terms 2/10, n/30. The cost of the merchandise sold is $3,100. On October 7, Davis Company returns defective goods with a selling price of $650 and a fair value of $100. On October 11, Wang Company receives the balance due from Davis Company. Record the October 7 and October 11 transactions on the books of Wang Company using the perpetual inventory system. (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 granted for receipt of returned goods) (To record fair value of goods returned) > >