On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $5,410, and the cost to Brooke Company is $3,410. On October 8, Loomis returns defective goods with a selling price of $690 and a fair value of $105.

On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $5,410, and the cost to Brooke Company 8, Loomis returns defective goods with a selling price of $690 and a fair value of $105. $3,410. On October Record the transactlons on the books of Brooke pany titles are dulomatically indented when alnount is entered. Do not indent manually. If no entry is required, amounts. Record journal entries the order presented in the problem.) ntry" for the account and enter Account Titles and Explanation Credit Debit Date (To record credit sales) (To record cost of goods sold on account) (To record credit granted for receipt of returned goods) (To record fair value of goods returned)