On October 5, Metlock Company buys merchandise on account from Grouper Company. The selling price of...

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On October 5, Metlock Company buys merchandise on account from Grouper Company. The selling price of the goods is $4,700, and the cost to Grouper Company is $2,770. On October 8, Metlock returns defective goods with a selling price of $740 and a fair value of $250. Record the transactions on the books of Grouper Company. (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 O for the amounts.) Date Account Titles and Explanation Oct. 50 Inventory Accounts Payable (To record credit sales). Oct 0 Accounts Payable Inventory (To record cost of goods sold) Debit Credit 5,700 650 5,700 650 (To record cost of goods sold) (To record credit granted for receipt of returned goods) (To record fair value of goods returned) On October 5, Metlock Company buys merchandise on account from Grouper Company. The selling price of the goods is $4,700, and the cost to Grouper Company is $2,770. On October 8, Metlock returns defective goods with a selling price of $740 and a fair value of $250. Record the transactions on the books of Grouper Company. (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 O for the amounts.) Date Account Titles and Explanation Oct. 50 Inventory Accounts Payable (To record credit sales). Oct 0 Accounts Payable Inventory (To record cost of goods sold) Debit Credit 5,700 650 5,700 650 (To record cost of goods sold) (To record credit granted for receipt of returned goods) (To record fair value of goods returned)