Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journal entry worksheet Paid $240 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits. Journal entry worksheet Returned to Lyon

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Journal entry worksheet Paid $240 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits. Journal entry worksheet Returned to Lyon Company unacceptable merchandise that had an invoice price of $550. Note: Enter debits before credits. repare journal entries to record the following transactions for a retall store. The company uses a perpetual inventory system and the ross method. Apri1 2 Purchased \$5, 200 of eerchandise from Lyon Conpany with credit teras of 2/15, n/60, invoice dated April 2, and Foe shipping point. Apri1 3 Paid $240 cash for shipping charges on the April 2 purchase. April a Returned to Lyon Company unacceptable mecchandise that had an invoice grice of $550. pril 17 Sent a check to Lyon Conpany, for the April 2 purchase, eet of the discount and the returned merchandise. pril 18 Purchased 19,700 of merchandise fron Frist Corporation with credit terns of 1/10, n/39, invoice dated April 18 , and Foe destination. peil 21 After negotiations ever scuffed merchandise, received fron Frist a sseo allowance toward the $9,700 osed an the apeil 18 purchase. tpril 28 Sent check to Trist. paying for the Apell 18 purchase, net of the allowance and the discount. Journal entry worksheet \begin{tabular}{llllllll} 2 & 3 & 4 & 5 & 6 & 7 & > \end{tabular} Purchased $5,200 of merchandise from Iyon Company with credit terms of 2/15,n/60, invoice doted April 2 , and FOB shipping point. Journal entry worksheet Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Note: Enter debits before credits. Journal entry worksheet Purchased $9,700 of merchandise from Frist Corporation with credit terms of 1/10,n/30, invoice dated April 18 , and FOB destination. Note: Enter debits before credits. Journal entry worksheet Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Note: Enter debits before credits. Journal entry worksheet 1 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $9,700 owed on the April 18 purchase. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Your Human Resources Department A Step By Step Guide

Authors: John H. McConnell

1st Edition

0814474675, 978-0814474679

More Books

Students also viewed these Accounting questions