May 1 Bold merchandise for $780, with credit terms n/60. The coat of the merchandise is $490. May The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's accounts receivable for $58 to compensate for the defects. June 4 The customer in the May 1 sale returned $120 of merchandise for full credit. The merchandise, which had cost $68, is returned to inventory. June 30 Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return. View transaction list Check my work Journal entry worksheet < 1 3 Sold merchandise for $780, with credit terms /60. Note Enter detts before credits Date May 01 General Journal Debit Credit