Chapter 6 Homework Saved 2 LThe olowing intormation applies to the questons dsployed below] The transactions listed below are typical of those involving Amalgamated Textiles and American Fashions. Amalgamated is a wholesale merchandiser and American Fashions is a retail merchandiser Assume all sales of merchandise from Amalgamated to American Fashions are made with terms n/60, and the two companies use perpetual Inventory systems Assume the following transactions between the two companies occured in the order listed during the year ended December 31 Pert 2 of 2 6.66 points a Amalgamated sold merchandise to American Fashions at a selling price of $310,000. The merchandise had cost Amalgamated $207.000 b. Two days later, American Fashions retuned goods that had been sold to the company at a price of $35,500 and complained to Amalgamated that some of the remaining merchandise differed from what American Fashions ordered. Amalgamated agreed to give an allowance of $4,500 to American Fashions. The goods returned by American Fashions had cost Amalgamated $23.270 ebook c Just three days later, American Fashions paid Amalga mated, which settled all amounts owed Print 2. Prepare the jounal entries American Fashions would record. TIP The selling price charged by the selleris the purchaser's cost o no entry is required for a transaction/event, select "No Journal Entry Required" in the first account f ournal entry worksheet Record the return of unsatisfactory merchandise for which credit was given. Note: Enter debits before credits Record entry Clear entry View general journal