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Record the transactions on books of sheffield corporation

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Question - On October 5, Bramble Corporation buys merchandise for resale on account from Sheffield Corporation. The selling price of the goods is $5,400, and the cost to Sheffield Company is $2,740. On October 8, Bramble returns defective goods with a selling price of $640 and a cost of $220. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $220, if not more. Both companies use a periodic inventory system.

Required - Record the transactions on the books of Sheffield Corporation (seller).

Reference no: EM133125996

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