On October $5,$ Larkspur, Inc. buys merchandise on account from Flounder Company. The selling price of the goods is $$5,910,$ and the cost to Flounder Company is $$3,420.$ On October $8,$ Larkspur, Inc. returns defective goods with a selling price of $$680$ and a scrap value of $$260.$

Record the transactions on the books of Larkspur, Inc.. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

$($To record goods purchased on account$)$

$($To record return of defective goods$)$