Record the transactions on the books of Novak Corporation. (Credit account titles are automatically indented...
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Record the transactions on the books of Novak Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) On October 5, Flounder Corporation buys merchandise for resale on account from Novak Corporation. The selling price of the goods is $4,560, and the cost to Novak Company is $2,850. On October 8 , Flounder returns defective goods with a selling price of $690 and a cost of $270. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $270, if not more. Both companies use a periodic inventory system
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Record the transactions on the books of Novak Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) On October 5, Flounder Corporation buys merchandise for resale on account from Novak Corporation. The selling price of the goods is $4,560, and the cost to Novak Company is $2,850. On October 8 , Flounder returns defective goods with a selling price of $690 and a cost of $270. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $270, if not more. Both companies use a periodic inventory system 