Check my wa Required information [The following information applies to the questions displayed below) Lionel Lipsticks has the following transactions during May. May 2 Purchases lipsticks on account from New Designs Wholesale for $2,800, terma 3/10, 1/30. The shipping terms were TOB shipping point. May 3 the merchandise from the Way 2 transaction was delivered. The responsible party paid cash for the freight costs of $150. May 5 Returns lipsticks with a cost of $300 to New Designe because part of the order is incorrect. May 10 Tays the full amount due to New Designs. May 30 Sells all lipstick purchased on May 2 for $3,500 on account, terms 3/10, 1/30. The shipping terna vere roe destination point with freight costs totaling $50 paid in cash by the responsible party. Required: 1. Record the transactions of Lionel Lipsticks, assuming the company uses a perpetual inventory system. (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet 1 2 3 4 5 6 7 > Record purchase of books on account from Readers Wholesale for $2,800, terms 3/10, 1/30. The shipping terms were FOB shipping point. Note: Enter debits before credits. Date General Journal Debit May 02 Credit Record entry Clear entry View general Journal Journal entry worksheet The merchandise from the May 2 transaction was delivered. Freight costs of $150 were paid by the responsible party with cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Note: Enter debits before credits. Date General Journal Debit May 03 Credit Record entry Clear entry View general Journal Journal entry worksheet Record return of books with a cost of $300 to Readers because part of the order is incorrect Note: Enter debits before credits. Date General Journal Debit May 05 Credit Record entry Clear entry View general journal Journal entry worksheet Record payment of the full amount due to Readers. Note: Enter debits before credits. Date General Journal Debit Credit May 10 Record entry Clear entry View general journal Journal entry worksheet Record the sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit May 30 Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Record cost of inventory sold. Note: Enter debits before credits. Date General Journal Debit Credit May 30 Record entry Clear entry View general Journal Journal entry worksheet The shipping terms were FOB destination point with freight costs totaling $50 paid by the responsible party with cash from the May 30 transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Note: Enter debits before credits. Date General Journal May 30 Debit Credit Record entry Clear entry View general journal
