Allowances LO P1
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.
Journal entry worksheet After negotiations over scuffed merchandise, received from Frist a $600 allowance toward the $12,900 owed on the April 18 purchase. Note: Enter debits before credits. Journal entry worksheet Purchased $12,900 of merchandise from Frist Corporation with credit terms of 1/10,n/30, invoice dated April 18 , and FOB destination. Note: Enter debits before credits. Journal entry worksheet Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Note: Enter debits before credits. Journal entry worksheet Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Note: Enter debits before credits. Journal entry worksheet Paid $390 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits. Journal entry worksheet Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. Note: Enter debits before credits. Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $6,800 of merchandise from Lyon Company with credit terms of 2/15,n/60, involce dated Aprit 2 , and FOB shipping point. April 3 Paid $390 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $12,900 of merchandise from Frist Corporation with credit terms of 1/10,n/30, invoice dated April April 21 After negotiations over scuffed merchandise, received fron Frist a $600 allowance toward the $12,900 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet 23567 Purchased $6,800 of merchandise from Lyon Company with credit terms of 2/15,n/60, invoice dated April 2, and FOB shipping point. Note: finter dobins before credits
