bok nt nt ences 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 $3,400 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $330 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $6,100 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 3 April 4 April 17 April 18 April 21 After negotiations over scuffed merchandise, received from Frist a $600 allowance toward the $6,100 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.

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr11 2 Purchased 53,400 of merchandise from tyon Company with credit teras of 2/15, n/6e, invoice dated Apri1 2, and Fod shipping point. April 1 Paid 533 e cash for shipping charges on the April 2 purchase. April 4 Returned to tyon Cospany unacceptable merchandise that had an invoice price of $380. Apr11 17 Sent a check to Lyos Conpany for the April 2 purchase, net of the discount and the returned merchandise. April 1a Purchased $6,100 of merchandise from Frist Corporation with credit terns of 1/10,n/36, invoice dated April 18 , and Fob destination. April 21 After negotlations over scuffed merchandise, recetved fron Frist a $600 allowance toward the $6,100 owed on the Apr11 18 purchase. April 2is Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount