DO IT! 5-2 On October 5, Wang Company buys merchandise on account from Davis Re

Question

DO IT! 5-2 On October 5, Wang Company buys merchandise on account from Davis Re Company. The selling price of the goods is $4,800, and the cost to Davis Company is p $3,100. On October 8, Wang returns defective goods with a selling price of $650 and a fair (L value of $100. Record the transactions on the books of Wang Company. n October 5, Wang Com-R ce pany 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 (L goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Davis Company.

Explanation / Answer

5-2

5-3

DR CR Inventory 4800 Accounts Payable 4800 Accounts Payable 650 Inventory 650

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