Pleaser both Thanksss 7 1 25 points On January 10th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $1,200 The merchandise was not what they ordered, but they agreed to keep it for a reduction in price Jewelry Wholesalers offered them a 20 reduction What is the journal entry to record this transaction O Debit Accounts Payable Jewelry Wholesalers, $1,200 credit Purchases Returns and Allowances, $1,200 O Debit Purchases, $240 credit Accounts Payable Jewelry Wholesalers, $240 O Debit Purchases, $1,200 credit Accounts Payable Jewelry Wholesalers, $1,200 O Debit Accounts Payable Jewelry Wholesalers, $240 credit Purchases Returns and Allowances $240 8 1 25 points On March 15th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $2,500 The merchandise was not what they ordered, but they agreed to keep it for a reduction in price Jewelry Wholesalers offered them a 10 reduction What is the journal entry to record this transaction Debit Purchases, $2,500 credit Accounts Payable Jewelry Wholesalers, $2,500 Debit Accounts Payable Jewelry Wholesalers, $2,500 credit Purchases Returns and Allowances, $2,500 Debit Accounts Payable Jewelry Wholesalers, $250 credit Purchases Returns and Allowances $250 O Debit Purchases, $250 credit Accounts Payable Jewelry Wholesalers, $250 Submit

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Pleaser both  Thanksss 7 1 25 points On January 10th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $1,200  The merchandise was not what they ordered, but they agreed to keep it for a reduction in price  Jewelry Wholesalers offered them a 20  reduction  What is the journal entry to record this transaction  O Debit Accounts Payable Jewelry Wholesalers, $1,200  credit Purchases Returns and Allowances, $1,200 O Debit Purchases, $240  credit Accounts Payable Jewelry Wholesalers, $240 O Debit Purchases, $1,200  credit Accounts Payable Jewelry Wholesalers, $1,200 O Debit Accounts Payable Jewelry Wholesalers, $240  credit Purchases Returns and Allowances $240 8 1 25 points On March 15th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $2,500  The merchandise was not what they ordered, but they agreed to keep it for a reduction in price  Jewelry Wholesalers offered them a 10  reduction  What is the journal entry to record this transaction  Debit Purchases, $2,500  credit Accounts Payable Jewelry Wholesalers, $2,500 Debit Accounts Payable Jewelry Wholesalers, $2,500  credit Purchases Returns and Allowances, $2,500 Debit Accounts Payable Jewelry Wholesalers, $250  credit Purchases Returns and Allowances $250 O Debit Purchases, $250  credit Accounts Payable Jewelry Wholesalers, $250 Submit

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Pleaser both. Thanksss 7 1.25 points On January 10th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $1,200.

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