Spice Company completed the following transactions:
May 10 $\quad $Prepared voucher \#301 for purchase of merchandise for $\$ 3,600$ from Sugar Company
$\quad $$\quad $12$\quad $ Returned $\$ 500$ of the merchandise purchased from Sugar because of poor quality.
$\quad $$\quad $$\quad $$\quad $Cancelled voucher \#301 and replaced it with voucher $\# 305$.
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross approach method for recording purchases.Omit explanations.

Question

Spice Company completed the following transactions:
May 10 $\quad $Prepared voucher \#301 for purchase of merchandise for $\$ 3,600$ from Sugar Company
$\quad $$\quad $12$\quad $ Returned $\$ 500$ of the merchandise purchased from Sugar because of poor quality. 
$\quad $$\quad $$\quad $$\quad $Cancelled voucher \#301 and replaced it with voucher $\# 305$.
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross approach method for recording purchases.Omit explanations.

Quizplus · Accepted Answer

The Answer of Spice Company completed the following transactions:
May 10 $\quad $Prepared voucher \#301 for purchase of merchandise for $\$ 3,600$ from Sugar Company
$\quad $$\quad $12$\quad $ Returned $\$ 500$ of the merchandise purchased from Sugar because of poor quality. 
$\quad $$\quad $$\quad $$\quad $Cancelled voucher \#301 and replaced it with voucher $\# 305$.
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross approach method for recording purchases.Omit explanations.

Spice Company Completed the Following Transactions: May 10 \quad Prepared Voucher \#301 for Purchase of Merchandise For

Spice Company Completed the Following Transactions:
May 10 $\quad$ Prepared Voucher \#301 for Purchase of Merchandise For