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On day 5, ABC Company bought merchandise on account from DEF Company. ABC Company paid $1,500 to DEF Company for the merchandise. DEF Company merchandise
On day 5, ABC Company bought merchandise on account from DEF Company. ABC Company paid $1,500 to DEF Company for the merchandise. DEF Company merchandise cost was $800. On day 8, ABC Company returned deffective goods with a selling price of $200 but fair market value of $30. Action to take: 1. Record selling transaction of DEF Company. 2. Record the transaction when DEF Company received the merchandise returned
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