Spice Company completed the following transactions:
May 10 Prepared voucher #301 for purchase of merchandise for $4,000 from Sugar Company
12 Returned $750 of the merchandise purchased from Sugar because of poor quality.
Cancelled voucher #301 and replaced it with voucher #305.
Required: Prepare journal entries to record the above transactions. Assume Spice uses the gross method for recording purchases. Omit explanations. Spice uses the periodic method.
What will be an ideal response?
Answer:
May 10 Purchases 4,000
Vouchers Payable 4,000
12 Vouchers Payable 4,000
Purchases Returns and Allowances 750
Vouchers Payable 3,250
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