Exercise 4-3 Recording purchases, purchases returns, and purchases 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. Apr. 2 Purchased $4,800 of merchandise fron Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. 3 Paid $400 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $8,900 of merchandise from Prist corp. With credit terms of 1/10, 1/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $400 allowance toward the $8,900 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Answer is not complete. No Date General Joumal Credit Debit 4,800 1 Apr 02 Merchandise inventory Accounts payable - Lyon olo 4,800 2 400 Apr 03 Merchandise inventory Cash 400 C 3 450 3 Apr 04 Accounts payable-Lyon Merchandise inventory Blo 450 > 4 Apr 17 Accounts payable-Lyon Cash Merchandise inventory OOO Exercise 4-3 Recording purchases, purchases returns, and purchases 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 Apr. 2 Purchased $4,800 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. 3 Paid $400 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise 18 Purchased $8,900 of merchandise from Print Corp. with credit terns of 1/10, 1/30, invoice dated April 11, and POB destination. 21 After negotiations, received from Frista $400 allowance toward the $0,900 ved on the April 18 purchase. 28 Sent check to Trist paying for the April 10 purchase, net of the allowance and the discount. - View transaction list mt Journal entry worksheet ances > 4 5 6 7 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Note: Enter debits before credits Debit Credit Date Apr 17 General Journal Accounts payable Lyon (Cash Merchandise inventory View general journal Clear entry Record entry Exercise 4-3 Recording purchases, purchases returns, and purchases 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. Apr. 2 Purchased $4,800 of merchandise from Lyon Company with credit terns of 2/15, 1/60invoice dated April 2, and POS shipping point. 3 Paid $400 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $8,900 of merchandise fron Frist Corp. with credit terns of 1/10, 1/30, Invoice dated April 18, and FOB destination. 21 After negotiations, received from Prist a $400 allowance toward the $8,900 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 5 > 6 7 Purchased $8,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, Invoice dated April 18, and FOB destination. Note: Enter debits before credits Debit Credit General Journal Date Apr 18 View general Journal Clear entry Record entry Exercise 4-3 Recording purchases, purchases returns, and purchases 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 Apr. 2 Purchased $4,800 of merchandise from Lyon Company with credit terns of 1/15, 1/60, invoice dated April 2, and TOB shipping point Paid $400 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise 10 Purchased S8,900 of merchandise from Print Corp, with credit terns of 1/10, 1/30, Invoice dated April 18, and Yon destination. 21 After negotiations, received from Frista $400 allowance toward the $8,900 ved on the April 18 purchase 28 Sent check to Prist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet ces 5 6 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount Note: Enter debits before credits. Debit Credit Date General Journal Apr 28 View general Journal Clear entry Record entry
