Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a...
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Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method. May Powell purchased merchandise with a price of $ and credit terms of n May Powell returned merchandise that had a price of $ May Powell paid the amount due from the May purchase, minus the May return. June Powell sold merchandise for $ with credit terms n Cost of the merchandise is $ June The customer discovers some of the units are scratched. Powell gives a price reduction allowance and credits the customers accounts receivable for $ to compensate for the scratches. June Powell received payment for the amount due from the June sale less the June allowance. 
Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method.
May Powell purchased merchandise with a price of $ and credit terms of n
May Powell returned merchandise that had a price of $
May Powell paid the amount due from the May purchase, minus the May return.
June Powell sold merchandise for $ with credit terms n Cost of the merchandise is $
June The customer discovers some of the units are scratched. Powell gives a price reduction allowance and credits the customers accounts receivable for $ to compensate for the scratches.
June Powell received payment for the amount due from the June sale less the June allowance.
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