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Required Informetlon The following information applies to the questions displayed below.] The transactions listed below are typical of those Involving Amalgamated Textiles and American Fashlons. Amalgamated is a wholesale merchandiser and American Fashlons Is a retall merchandiser. Assume all sales of merchandise from Amalgamated to American Fashlons are made with terms n/60, and the two companies use perpetual Inventory systems. Assume the following transactions between the two companies occurred In the order listed during the year ended December 31 a Amalgamated sold merchandise to American Fashions at a selling price of $330,000. The merchandise had cost Amalgamated $215,000. b. Two days later, American Fashlons returned goods that had been sold to the company at a price of $39,500 and complalned to Amalgamated that some of the remalning merchandise differed from what American Fashions had ordered. Amalgamated agreed to give an allowance of $6,500 to American Fashlons. The goods returned by American Fashions had cost Amalgamated $25,270 c. Just three days later, American Fashions pald Amalgamated, which settled all amounts owed. 2. Prepare the Journal entries that Amalgamated Textlles would record. TIP: When using a perpetual Inventory system, the seller always makes two Journal entries when goods are sold. (If no entry is required for a transactlon/event, select "No Journal Entry Required" In the first account field.) View transaction listView journal entry worksheet No Transaction General Journal Debit Credit Accounts Receivable 330,000 Sales Revenue 330,000 a(2) Cost of Goods Sold 215,000 Inventory 215,000 46,000 Accounts Receivable 48,000 b(2) nventory 25,270 Cost of Goods Sold 25,270 Accounts Receivable

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