Spice Company Completed the Following Transactions:
May 10 Prepared $\$ 301$

question 56

Essay

Spice Company completed the following transactions:
May 10 Prepared voucher $\$ 301$ for purchase of merchandise for $\$ 4,000$ from Sugar Company
12 Returned $\$ 750$ of the merchandise purchased from Sugar because of poor quality. Cancelled voucher $\$ 301$ and replaced it with voucher $\$ 305$ .
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross method for recording purchases.Omit explanations.Spice uses the periodic method.

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Definitions:

Political Participation

The engagement of individuals in activities intended to influence public policy and leadership, such as voting, protesting, or lobbying.

Social Consciousness

Awareness of the problems, injustices, and inequalities within society, often leading to social activism.

Universal Citizenship

A concept suggesting the right to citizenship should not be limited by nationality, ethnicity, or similar factors, aiming for global inclusiveness.

Recycling Initiatives

Programs and efforts designed to reduce waste and promote the reuse of materials through the process of collecting, processing, and repurposing discarded items.