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Can someone help me complete these two journal entries? Allied Parts was organized on May 1,2013, and made its first purchase of merchandise on May
Can someone help me complete these two journal entries?
Allied Parts was organized on May 1,2013, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of $10 per unit. On May 5, Allied Parts sold 1,500 of the units for $14 per unit to Baker Co. Terms of the sale were 2/10, n/60. a. On May 7, Baker returns 200 units because they did not fit the customer's needs. Allied Parts restores units because they did not fit the customers the units to its inventory. the units. Allied Parts sends Baker a credit memorandum for $600 to compensate for the damage Allied Parts sends a $120 credit memorandum to compensate. Baker returns the remaining 40 units to b. On May 8, Baker discovers that 300 units are damaged but are still of some use and, therefore, keeps c. On May 15, Baker discovers that 100 units are the wrong color. Baker keeps 60 of these units because Allied Parts. Allied Parts restores the 40 returned units to its inventory. Prepare entries for Allied Parts to record the May 5 sale and each of the above separate transactions a through c using a perpetual inventory systemStep by Step Solution
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