On October 5, Pharoah Company buys merchandise on account from Sheffield Company. The selling price of the goods is $5,190, and the cost to Sheffield Company is $2,530. On October 8, Pharoah returns defective goods with a selling price of $650 and a fair value of $115. Sheffield Company uses the perpetual inventory system. Record the transactions on the books of Sheffield Company. (Credit account titles are automatically indented when amount is entered not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sales) 5 (To record cost of goods sold on account) (To record credit granted for receipt of returned goods) ITA Fairun of andered