On October 5, Metlock Company buys merchandise on account from Ivanhoe Company. The selling price of the goods is $5,240, and the cost to Ivanhoe Company is $3,180. On October 8, Metlock returned defective goods with a selling price of $640 and a scrap value of $310. Record the transactions of Metlock Company, assuming a perpetual approach.

The answer is given below;

Explanation:

Inventory                 Dr.$5,240

Accounts Payable-Ivanhole        Cr.$5,240

Accounts Payable-Ivanhole      Dr.$640

Inventory                   Cr.$640

The scrap value given is irrelevant as the metlock will set off the account payable of ivanhole as the goods are returned to him.

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )