(Solution) - Assume information similar to that in 5 1 That is On -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Assume information similar to that in 5-1. That is: On October 5, Longhini Company buys merchandise on account from Okern Company. The selling price of the goods is $5,000, and the cost to Okern Company is $3,000. On October 8, Longhini returns defective goods with a selling price of $640 and a scrap value of $240. Record the transactions on the books of Okern Company, assuming a perpetual approach.