From the following transactions for Bailey Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. The accounts receivable subsidiary ledger and partial general ledger have been set up for you. All sales terms are 4/10, 1/30. The balance in merchandise inventory on May 1 is $2,100. Assume the perpetual inventory system. (Click the icon to view the transactions.) May 8: Issued credit memorandum no. 1 to Cameron Co. for defective merchandise, $300. The cost of the merchandise was $180. Begin by recording the receivable portion of the adjustment. Do not yet adjust for the cost of the merchandise returned. We will do that in the following step. Journal Entry More Info Date PR Dr. Cr. May Account Titles 8 Sales Returns and Allowances Accounts Receivable, Cameron Co. 300 300 2018 May Record the entry to adjust for the cost of the merchandise returned. Journal Entry 1 Bailey Myles invested $3,400 in the business. 1 Sold merchandise on account to Cameron Co., invoice no. 1, $1,400. The cost of the merchandise was $560. 2 Sold merchandise on account to Wesley Co., invoice no. 2, $1,500. The cost of the merchandise was $900. 3 Cash sale, $240. The cost of the merchandise was $144. 8 Issued credit memorandum no. 1 to Cameron Co. for defective merchandise, $300. The cost of the merchandise was $180. 10 Received check from Cameron Co. for invoice no. 1, less returns and discount. 15 Cash sale, $480. The cost of the merchandise was $288. 18 Sold merchandise on account to Cameron Co., invoice no. 3, $1,100. The cost of the merchandise was $660. Date Account Titles PR Dr. Cr. May Choose from any list or enter any number in the input fields and then click Check Answer. From the following transactions for Bailey Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. The accounts receivable subsidiary ledger and partial general ledger have been set up for you. All sales terms are 4/10, n/30. The balance in merchandise inventory on May 1 is $2,100. Assume the perpetual inventory system. (Click the icon to view the transactions.) Journal Entry x More Info Date Account Titles PR Dr. Cr. May 8 Sales Returns and Allowances 300 Accounts Receivable, Cameron Co. 300 2018 May 1 Bailey Myles invested $3,400 in the business. 1 Sold merchandise on account to Cameron Co., invoice no. 1, $1,400. The cost of the merchandise was $560. Record the entry to adjust for the cost of the merchandise returned. 2 Sold merchandise on account to Wesley Co., invoice no. 2, $1,500. The cost of the merchandise was $900. Journal Entry 3 Cash sale, $240. The cost of the merchandise was $144. Date Account Titles PR Dr. Cr 8 Issued credit memorandum no. 1 to Cameron Co. for defective merchandise, $300. The cost of the merchandise was $180. May 10 Received check from Cameron Co. for invoice no. 1, less returns and discount 15 Cash sale, $480. The cost of the merchandise was $288. 18 Sold merchandise on account to Cameron Co., invoice no. 3, $1,100. The cost of the merchandise was $660. 8