On September 5, Hoya Company buys merchandise on account from Macy Company. The goods selling price is $1,500, and the cost to Macy was $800. On September 8, Hoya Company returns defective goods with an initial selling price of $200 and a fair value of $30.

Required: Record the TRANSACTION OF MACY Company.

Answer rating: 100% (QA)

Debit Date Account titles Explanation 5Sep Accounts Receivable 1500 Sales ... View the full answer