Journal en 4 6 On May 5, Allied Parts sold 660 of the units for $12 per unit to Baker Co. Terms of the sale were 2/10, n/60. Note: Enter debits before credits General Journal Debit Credit Date 7.920 May 05 Accounts receivable 7,920 Sales Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 4 6 7 Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit Cost of goods sold Merchandise inventory May 05 Clear entry View general journal View transaction list Journal entry worksheet 2 4 5 7 On May 7, Baker returns 231 units because they did not fit the customer's neede Note: Enter debits before credits. Date General Journal Debit Credit May 07 s returns and allowances Accounts receivable Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 6 Allied Parts restores the units to its inventory. Note: Enter debits before credits. Date General Journal Debit Credit May 07 erchandise inventory Cost of goods sold Record entry Clear entry View general journal View transaction list Journal entry worksheet 6 On May 8, Baker discovers that 55 units are damaged but are still of some use and, herefore, keeps the units. Allied Parts sends Baker a credit memorandum for $220 to compensate for the damage. Note: Enter debits before credits Date General Journal Debit Credit May 08 returns and allowances Accounts receivable Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 4 7 On May 15, Baker discovers that 66 units are the wrong color. Baker keeps 40 of these units because Allied Parts sends a $86 credit memorandum to compensate. Baker returns the remaining 26 units to Allied Parts Note: Enter debits before credits. Date General Journal Debit Credit Sales returns and allowances Accounts receivable May 15 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 4 5 6 Allied Parts restores the 26 returned units to its inventory. Note: Enter debits before credits. Date General Journal Debit Credit Merchandise inventory st of goods sold May 15 Record entry Clear entry View general journal Allied Parts was organized on May 1, 2015, and made its first purchase of merchandise on May 3. The purchase was for 1,100 units at a price of $8 per unit. On May 5, Allied Parts sold 660 of the units for $12 per unit to Baker Co. Terms of the sale were 2/10, n/60. a. On May 7, Baker returns 2t1 units because they did not fit the customer's needs. Allied Parts restores the units to its inventory. units. Allied Parts sends Baker a credit memorandum for $220 to compensate for the damage Allied Parts sends a $86 credit memorandum to compensate. Baker returns the remaining 26 units to b. On May 8, Baker discovers that 55 units are damaged but are still of some use and, therefore, keeps the c. On May 15, Baker discovers that 66 units are the wrong color. Baker keeps 40 of these units because Allied Parts. Allied Parts restores the 26 returned units to its inventory. Prepare entries for Allied Parts to record the May 5 sale and each of the above separate transactions using a perpetual inventory system
