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Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Purchased merchandise from Johns Company under the following
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Purchased merchandise from Johns Company under the following terms : $ 5,900 price, invoice dated April, 2, credit terms of 2/15, n/60, and FOB shipping point. Paid $330 for shipping charges on the April 2 purchase. Returned the Johns Company unacceptable merchandise that had an invoice price of $900. Sent a check to Johns Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased merchandise from William Corp. under the following terms : $12,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. After negotiation, received from William a $3.250 allowance on the April 18 purchase. Sent check to William paying for the April 18 purchase, net of the discount and allowance
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