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Record the transactions on the books of culver corporation

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Question - On October 5, Culver Corporation buys merchandise for resale on account from Pronghorn Corporation. The selling price of the goods is $5,500, and the cost to Pronghorn Company is $2,960. On October 8, Culver returns defective goods with a selling price of $760 and a cost of $240. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $240, if not more. Both companies use a periodic inventory system. Record the transactions on the books of Culver Corporation.

Reference no: EM133018646

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