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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
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 55,500 of merchandise from tyon Company with credit terns of 2/15, n/60, Invoice dated April 2, and TOB shipping point. 3 Paid $330 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $550. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $10,300 of merchandise from Frist Corp. with credit terms of 1/10, 1/30, invoice dated April 18, and POD destination. 21 After negotiations, received from Prista 5600 allowance toward the $10,300 owed on the April 18 purchase. 28 Sent check to print paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet
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