Do it! review 5-3 on october 5, blossom company buys merchandise on account from sunland company. the selling price of the goods is $6,670, and the cost to sunland company is $3,630. on october 8, blossom company returns defective goods with a selling price of $650 and a scrap value of $250. record the transactions on the books of sunland company, assuming a perpetual approach. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when amount is entered. do not indent manually. record journal entries in the order presented in the problem.)

Explanation:

The journal entries in the books of Sunland Company are shown below:

On October 5:

Inventory A/c Dr $6,670

      To Accounts payable A/c $6,670

(Being the goods are sold on credit)

On October 8:

Accounts payable A/c $650

  To Inventory A/c                      $650

(Being returns defective goods are recorded)

answer; communities of interest; i believe this is correct, plz check first good luck;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.