prepare journal entries for the following merchandising transactions of powell company

Prepare pourtual entries for the following merchandising transoctions of Powell Company ossuming it uses a perpetual inventory system and the grows method. May 12 Pisent returned merchanilse that had a beice of 1125. My 11 foel11 pald the awivet due froe the Riny 1 purchase, minus the hay 12 return. custoser's acceunts recelvable for 320 to comensate for the scratiches. Jourmal entry worksheet Journal entry worksheet May 31 Record Powell's payment of the amount due from the May 1 purchase, minus the May 12 return. Notet Enter debits belore credits. June 3 Record Powell's sale of merchandise for $450, with credit terms n/15. Notes Enter debits before credits. Journal entry worksheet (1) 2 June 3 Record the cost of merchandise sold, $300. Note: Enter debits before credits. Journal entry worksheet June 5 The customer discovers some of the units are scratched. Powell gives a price reduction (allowance) and credits the customer's accounts receivable for $20 to compensate for the scratches. Record the allowance. Notet Enter debits before credits. Journal entry worksheet June 18 Record the receipt of payment by Powell for the amount due from the June 3 sale less the June 5 allowance. Notes Enter debits before credits