Steel Company Completed the Following Transactions

question 99

Essay

Steel Company completed the following transactions:
May 10 Prepared voucher #301 for purchase of merchandise for $5,000 from Sweet Company
12 Returned $800 of the merchandise purchased from Sweet because of poor quality.
Cancelled voucher #301 and replaced it with voucher #305.
Required: Prepare journal entries to record the above transactions. Assume Steel uses the gross method for recording purchases. Omit explanations. Steel uses the periodic method.

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Definitions:

Hypnosis

A mental state of highly focused concentration, diminished peripheral awareness, and increased suggestibility.

Mesmerism

An early form of psychotherapy involving the practice of hypnotism, originally proposed by Franz Mesmer in the 18th century, based on the belief in animal magnetism.

Trancelike State

A state of consciousness resembling trance, often induced by hypnosis, meditation, or other means, where a person may have heightened suggestibility and focus.

Hypnosis

A trance-like state of focused attention and heightened suggestibility, with diminished peripheral awareness, often used for therapeutic purposes.