Spice Company Completed the Following Transactions:
May 10 $\quad$ Prepared Voucher \#301 for Purchase of Merchandise For

question 103

Essay

Spice Company completed the following transactions:
May 10 $\quad$ Prepared voucher \#301 for purchase of merchandise for $\$ 3,600$ from Sugar Company
$\quad$$\quad$ 12 $\quad$ Returned $\$ 500$ of the merchandise purchased from Sugar because of poor quality.
$\quad$$\quad$$\quad$$\quad$ Cancelled voucher \#301 and replaced it with voucher $\# 305$ .
Required: Prepare journal entries to record the above transactions.Assume Spice uses the gross approach method for recording purchases.Omit explanations.

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Definitions:

Acidity

The level of acid present in a substance, often measured by pH.

Alkalinity

A measure of the capacity of water or any solution to neutralize acids, often associated with a pH level above 7, indicating a basic solution.

Molecular Formula

A notation that shows the number and type of atoms in a molecule, indicating the composition but not the structure of the molecule.

Hydrogen Atom

The simplest type of atom, consisting of one proton in the nucleus and one electron in orbit around it.