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Business, 07.10.2021 19:40 caity2006

On October 5, Iverson Company buys merchandise on account from Lasse Company. The selling price of the goods is $5,000, and the cost to Lease Company is $3,000. On October 8, Iverson returns defective goods with a selling price of $640 and a scrap value of $240. Use a tabular summary to record the transactions for Iverson Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.

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