1. Ben Corporation purchased $56,000 of merchandise from Kelly Corporation on account.

Before paying its account, Ben was granted an allowance of $3,360 on damaged goods instead

of a full return. Prepare the journal entry for the allowance assuming the periodic inventory

procedure for both companies.

1 Date Account Titles and Explanation P.R. Debit Credit N 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23