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On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $ 5,000, and the cost to
On October 5, Loomis Company buys merchandise on account from Brooke Company. The selling price of the goods is $ 5,000, and the cost to Brooke Companyi is $ 3.100. On October 8, Loomis returns defective goods with a selling price of $ 650 and a fair value of $ 100. Record the transactions on the books of Loomies Company.
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