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Exercise 5-22A (Algo) Periodic-Recording purchases, returns, and allowances LO P5 Prepare journal entries to record each of the following merchandising transactions assuming that the

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Exercise 5-22A (Algo) Periodic-Recording purchases, returns, and allowances LO P5 Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method. April 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $230 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $8,900 of merchandise from Frist Corporation with credit terms of 1/10, n/38, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,900 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits Date Apr 02 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Paid $230 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits. Date Apr 03 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 4 5 6 7 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. Note: Enter debits before credits. Date Apr 04 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 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. Date Apr 17 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 4 5 67 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. Date Apr 18 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 7 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,900 owed on the April 18 purchase. Note: Enter debits before credits. Date Apr 21 General Journal Debit Credit Record entry Clear entry View general journal es Journal entry worksheet < 1 2 3 4 5 9 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Note: Enter debits before credits. Date Apr 28 General Journal Debit Credit Record entry Clear entry View general journal

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