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On August 1st, WellsCo sold 50 widgets to OrsonCo for $5,000 FOB Shipping point. The cost of the goods is $ 70/uni After receiving the

On August 1st, WellsCo sold 50 widgets to OrsonCo for $5,000 FOB Shipping point. The cost of the goods is $ 70/uni After receiving the goods OrsonCo's quality assurance team found 7 units which were damaged . On August 5th, OrsonCo returned the 7 units to WellsCo for full credit. The WellsCo inventory manager has determined the 7 units are worth $40 each. Prepare the journal entries WellsCo should record to reflect the return of the 7 units:

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