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i cant seem to figure number 7 out. please show work if possible. thanks neck my work mode: This shows what is correct or Incorrect
i cant seem to figure number 7 out. please show work if possible. thanks neck my work mode: This shows what is correct or Incorrect for the work you have completed so far. It does not indicate completion. Return to question 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 $5,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, Invoice dated April 2, and YOB shipping point. April 3 Paid $210 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 $9.900 of merchandise from Frist Corporation with credit terns of 1/10, 5/30, invoice dated April 18, and ToB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $9.900 owed on the April 18 purchase. April 28 sent check to Teist paying for the April 18 purchase, net of the allowance and the discount. Answer is not complete. No Date Dobit Credit 1 Apr 02 General Journal Merchandise inventory Accounts payable - Lyon 5,300 C 5,300 2 2. Apr 03 Merchandise inventory 210 Return to question 2 Cash 210 3 Apr 04 700 Accounts payable-Lyon Merchandise inventory 700 4 Apr 17 4,600 Accounts payable--Lyon Merchandise inventory Cash OOO 92 4.508 5 9,900 Apr 18 Merchandise inventory Accounts payable --Frist OS 9,900 6 Apr 21 500 Accounts payable-Frist Merchandise inventory oo 500 7 Apr 28 9,400 Accounts payable--Frist Merchandise inventory Cash ooo 188 9.212
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