Steel Company completed the following transactions:
May 10 Prepared voucher #301 for purchase of merchandise for $5,000 from Sweet Company
12 Returned $800 of the merchandise purchased from Sweet because of poor quality.
Cancelled voucher #301 and replaced it with voucher #305.
Required: Prepare journal entries to record the above transactions. Assume Steel uses the gross method for recording purchases. Omit explanations. Steel uses the periodic method.

Question

Quizplus · Accepted Answer

The Answer of Steel Company completed the following transactions:
May 10 Prepared voucher #301 for purchase of merchandise for $5,000 from Sweet Company
12 Returned $800 of the merchandise purchased from Sweet because of poor quality.
Cancelled voucher #301 and replaced it with voucher #305.
Required: Prepare journal entries to record the above transactions. Assume Steel uses the gross method for recording purchases. Omit explanations. Steel uses the periodic method.

Steel Company Completed the Following Transactions