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On October 5, Lane Company buys merchandise on account from OBrien Company. The selling price of the goods is $5,000, and the cost to OBrien

On October 5, Lane Company buys merchandise on account from OBrien Company. The selling price of the goods is $5,000, and the cost to OBrien Company is $3,000. On October 8, Lane returns defective goods with a selling price of $700 and a scrap value of $250. Record the transactions on the books of Lane Company

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