Spice Company completed the following transactions:
May 10 Prepared voucher $\$ 301$ for purchase of merchandise for $\$ 4,000$ from Sugar Company
12 Returned $\$ 750$ of the merchandise purchased from Sugar because of poor quality. Cancelled voucher $\$ 301$ and replaced it with voucher $\$ 305$.
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross method for recording purchases.Omit explanations.Spice uses the periodic method.

Question

Spice Company completed the following transactions:
 May 10 Prepared voucher $\$ 301$ for purchase of merchandise for $\$ 4,000$ from Sugar Company
12 Returned $\$ 750$ of the merchandise purchased from Sugar because of poor quality. Cancelled voucher $\$ 301$ and replaced it with voucher $\$ 305$. 
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross method for recording purchases.Omit explanations.Spice uses the periodic method.

Quizplus · Accepted Answer

The Answer of Spice Company completed the following transactions:
 May 10 Prepared voucher $\$ 301$ for purchase of merchandise for $\$ 4,000$ from Sugar Company
12 Returned $\$ 750$ of the merchandise purchased from Sugar because of poor quality. Cancelled voucher $\$ 301$ and replaced it with voucher $\$ 305$. 
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross method for recording purchases.Omit explanations.Spice uses the periodic method.

Spice Company Completed the Following Transactions: May 10 Prepared $301\$ 301$301

Spice Company Completed the Following Transactions:
May 10 Prepared $\$ 301$