Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method May 1 Powell purchased merchandise with price of $875 and credit terms of 30. May 12 Dowell returned merchandise that had a price of $125. May 31 Powell paid the amount due from the May I purchase wins the May 12 r. June 3 Powell told merchandise for $450, with credit teres /15. Cost of the merchandise is $300. Dune 5 The customer discovers some of the units are scratched. Powell give price reduction allowance) and credits the customer's accounts receivable for 520 to compensate for the scratches June 16. Fell received payment for the munt de from the tuntle less the toes allance View transaction ist Journal entry worksheet 2. 3 + 55 7 May 12 Record Power's returned of merchandise that had a price of 5125 a Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method May 1 Powell purchased merchandise with price of $875 and credit terms of 30. May 12 Dowell returned merchandise that had a price of $125. May 31 Powell paid the amount due from the May I purchase wins the May 12 r. June 3 Powell told merchandise for $450, with credit teres /15. Cost of the merchandise is $300. Dune 5 The customer discovers some of the units are scratched. Powell give price reduction allowance) and credits the customer's accounts receivable for 520 to compensate for the scratches June 16. Fell received payment for the munt de from the tuntle less the toes allance View transaction ist Journal entry worksheet 2. 3 + 55 7 May 12 Record Power's returned of merchandise that had a price of 5125 a