Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for...

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Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sale

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Answer 1

Answer #1

Journal entry

Date	General Journal	Debit	Credit
May 2	Account receivable	4500
	Sales revenue		4500

	Freight out	200
	Cash		200

Journal entry

Date	General Journal	Debit	Credit
May 3	Sales return and allowance	450
	Account receivable		450

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Answer 2

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