Journal Entries for Merchandise Transactions on Sellers and Buyers RecordsPeriodic System

The following are selected transactions for Franklin, Inc., during the month of April:

April 20	Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 2/10, n/30.
April 27	Lind Stores returned defective merchandise billed at $250 on April 20.
April 29	Received from Lind Stores a check for full settlement of the April 20 transaction.

Required

Prepare the necessary journal entries for (a) Franklin, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. a.

FRANKLIN, INC. GENERAL JOURNAL
Date		Description	Debit	Credit
Apr.	20	AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	$Answer	$Answer
		AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		Sold merchandise to Lind Stores terms 2/10, n/30.
	27	AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		Merchandise returned by Lind Stores.
	29	Cash	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		Received amount due from Lind Stores.

b.

LIND STORES GENERAL JOURNAL
Date		Description	Debit	Credit
Apr.	20	AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	$Answer	$Answer
		AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		Purchase of merchandise from Franklin, Inc. terms 2/10, n/30.
	27	AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		Returned goods to Franklin, Inc., for credit.
	29	AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		AnswerAccounts PayableAccounts ReceivableCashPurchase DiscountsPurchasesSales RevenueSales DiscountsSales Returns and AllowancesPurchase Returns and Allowances	Answer	Answer
		Cash	Answer	Answer
		Paid amount due to Franklin, Inc.

Journal Entries for Merchandise Transactions on Seller's and Buyer's Records-Periodic System The following are selected transactions for Franklin, Inc., during the month of April: April 20 Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 2/10,n/30. April 27 Lind Stores returned defective merchandise billed at $250 on April 20. April 29 Received from Lind Stores a check for full settlement of the April 20 transaction Required Prepare the necessary journal entries for (a) Franklin, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. FRANKLIN, INC. GENERALJOURNAL Date Description Debit Credit Apr. 20 Sold merchandise to Lind Stores terms 2/10,n/30. 27 Merchandise returned by Lind Stores. 29 Cash Received amount due from Lind Stores. b. LIND STORES GENERAL JOURNAL Date Description Debit Credit Apr. 20 Purchase of merchandise from Franklin, Inc. terms 2/10, n/30 27 Returned goods to Franklin, Inc., for credit 29 Cash Paid amount due to Franklin, Inc