Required information Quiz 4 Shenandoah Inc. was organized on May 1. Buzzy Co. is a major customer (buyer) of Shenandoah (seller) products. May 3 Shenandoah made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000 ). 5 Shenandoah sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500 ) to Buzzy Co. under credit terms 2/15,n/40. The goods cost Shenandoah $16,500. 7 Buzzy returns 150 units because they did not fit the customer's needs (invoice amount: \$2,250). Shenandoah restores the units, which cost $1,650, to its inventory. 8 Buzzy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Shenandoah gives a price reduction (allowance) and credits Buzzy's accounts receivable for \$1,050 to compensate for the damage. 15 Shenandoah receives payment from Buzzy for the amount owed on the May 5 purchase. Journal entry worksheet D E F G Shenandoah made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000) Note: Enter debits before credits. Journal entry worksheet Shenandoah sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500 ) to Buzzy Co. under credit terms 2/15, n/40. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Journal entry worksheet Buzzy returns 150 units because they did not fit the customer's needs (invoice amount: $2,250 ). Note: Enter debits before credits. Journal entry worksheet Shenandoah restores the units, which cost $1,650, to its inventory. Note: Enter debits before credits. Journal entry worksheet Buzzy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Shenandoah gives a price reduction (allowance) and credits Buzzy's accounts receivable for $1,050 to compensate for the damage. Note: Enter debits before credits. Journal entry worksheet A B D E Shenandoah receives payment from Buzzy for the amount owed on the May 5 purchase. Note: Enter debits before credits. Required information Quiz 4 Shenandoah Inc. was organized on May 1. Buzzy Co. is a major customer (buyer) of Shenandoah (seller) products. May 3 Shenandoah made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000 ). 5 Shenandoah sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500 ) to Buzzy Co. under credit terms 2/15,n/40. The goods cost Shenandoah $16,500. 7 Buzzy returns 150 units because they did not fit the customer's needs (invoice amount: \$2,250). Shenandoah restores the units, which cost $1,650, to its inventory. 8 Buzzy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Shenandoah gives a price reduction (allowance) and credits Buzzy's accounts receivable for \$1,050 to compensate for the damage. 15 Shenandoah receives payment from Buzzy for the amount owed on the May 5 purchase. Journal entry worksheet D E F G Shenandoah made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000) Note: Enter debits before credits. Journal entry worksheet Shenandoah sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500 ) to Buzzy Co. under credit terms 2/15, n/40. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Journal entry worksheet Buzzy returns 150 units because they did not fit the customer's needs (invoice amount: $2,250 ). Note: Enter debits before credits. Journal entry worksheet Shenandoah restores the units, which cost $1,650, to its inventory. Note: Enter debits before credits. Journal entry worksheet Buzzy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Shenandoah gives a price reduction (allowance) and credits Buzzy's accounts receivable for $1,050 to compensate for the damage. Note: Enter debits before credits. Journal entry worksheet A B D E Shenandoah receives payment from Buzzy for the amount owed on the May 5 purchase. Note: Enter debits before credits