On October 5, Pina Colada Corporation buys merchandise for resale on account from Flint Corporation. The selling price of the goods is $ 5,000, and the cost to FlintCompany is $ 3,030. On October 8, Pina Colada returns defective goods with a selling price of $ 770 and a cost of $ 250. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $ 250, if not more. Both companies use a periodic inventory system.

Record the transactions on the books of Pina Colada Corporation.(Credit account titles are automatically indented when the 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. 5 Purchases Debit Credit Accounts Payable 8 Accounts Payable Purchase Returns and Allowances