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On October 5, ABC Company buys merchandise on account from XYZ Hill Company. The selling...

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Accounting

On October 5, ABC Company buys merchandise on account from XYZ Hill Company. The selling price of the goods is $5,000, and the cost to XYZ Hill Company is $3,000. On October 8, ABC returns defective goods with a selling price of $900 and a scrap value of $330.

Record the transactions in the order presented in the problem on the books of XYZ Hill Company, assuming a perpetual approach. If no entry is required, write "No Entry".

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