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i need help with the credit and debit portion. Prepare journal entries to record the following transactions for a retail store. The company uses a
i need help with the credit and debit portion. 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 $6,300 of merchandise from Lyon Company with credit terns of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $230 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $11,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $600 allowance toward the $11,900 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 lit Journal entry worksheet 1 5 Purchased $11,900 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 Date Apr 18 General Journal Merchandise inventory Accounts payable--Frist Record entry Clear entry View general Journal Journal entry worksheet After negotiations, received from Frist a $600 allowance toward the $11,900 owed on the April 18 purchase. Note: Enter debits before credits Date Debit Credit Apr 21 General Journal Accounts payable-Frist Merchandise inventory Record entry Clear entry View general Journal Journal entry worksheet 5 6 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount Note: Enter debits before credits. Date Debit Credit Apr 28 General Journal Accounts payable-Frist Merchandise inventory Cash Record entry Clear entry View general Journal
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