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Asked Feb 28, 2010, 08:59 PM
I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
I returned that chair to my vendor and got a full refund of $2,500.
I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
How do I post these transactions my Balance sheet and Income statement