Youkilis Company discovered that a recent shipment of merchandise it had purchased was not of good quality.The seller agreed to grant Youkilis an allowance of $500.Youkilis had not yet paid the amount owed for the merchandise.Show how the transaction would affect Youkilis's financial statements.

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The Answer of Youkilis Company discovered that a recent shipment of merchandise it had purchased was not of good quality.The seller agreed to grant Youkilis an allowance of $500.Youkilis had not yet paid the amount owed for the merchandise.Show how the transaction would affect Youkilis's financial statements.

Youkilis Company Discovered That a Recent Shipment of Merchandise It