Required information The following information applies to the questions displayed below] The transactions listed below are typical of those involving Amalgamated Textiles and American Fashions. Amalgamated is a wholesale merchandiser and American Fashions is a retail merchandiser. Assume all sales of merchandise from Amalgamated to American Fashions are made with terms n/60, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31 a Amalgamated sold merchandise to American Fashions at a selling price of $300,000. The merchandise had cost b. Two days later. American Fashions returned goods that had been sold to the company at a price of $33,500 and Amalgamated $203,000. had American complained to Amalgamated that some of the remaining merchandise di ordered. Amalgamated agreed to give an allowance of $6,500 to American Fashions. The goods returned by Fashions had cost Amalgamated $22,270. ffered from what American Fashions c Just three days later. American Fashions paid Amalgamated, which settied all amounts owed. Prepare the journal entries American Fashions would record. TIP: The selling price charged by the seller is the purchaser's cost (of no entry is required for a transection/event, select "No Journal Entry Required" in the first account field.) Next > Journal entry worksheet K Prev 2 of 15 Next > ion Journal entry worksheet Record the payment for the inventory purchase in full. General Journal Credit Clear entry Prev2 of 15Next>