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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 April 2
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method April 2 Purchased $6,800 of merehandise from Liyan Company with credit torna of 2/15, 1/60, invoice dated April 2, and TOB shipping point. April ) Taid $340 cash for shipping charges on the April 2 purchase. April 4 Returned to tyon Company unacceptable merchandise that had an invoice price of $400. April 17 sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise April 18 Purchased $12.900 of merchandise from Prist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over seuffed merchandise, received from Triut a $500 allowance toward the $12,900 owed on the April 18 purchase. April 28 sent check to Frist paying for the April 18 purchase, net of the allowance and the discount
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