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Record the transactions on the books of Ayayai Corporation

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Question - On October 5, Ayayai Corporation buys merchandise for resale on account from Whispering Winds Corporation. The selling price of the goods is $4,570, and the cost to Whispering Winds Company is $3,020. On October 8, Ayayai returns defective goods with a selling price of $690 and a cost of $280. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $280, if not more. Both companies use a periodic inventory system. Record the transactions on the books of Ayayai Corporation.

Reference no: EM133123562

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