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On October 5, Larkspur, Inc. buys merchandise on account from Flounder Company. The selling price...

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Accounting

On October 5, Larkspur, Inc. buys merchandise on account from Flounder Company. The selling price of the goods is $5,910, and the cost to Flounder Company is $3,420. On October 8, Larkspur, Inc. returns defective goods with a selling price of $680 and a scrap value of $260.
Record the transactions on the books of Larkspur, Inc.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
(To record goods purchased on account)
(To record return of defective goods)
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