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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 Purchased
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 $6,500 of merchandise from Lyon Company with credit term of 2/15, 1/60, Invoice dated April 2, and POB 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 $800. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. IB Purchased $12,300 of merchandise from Prist Corp. with credit terms of 1/10, 1/30, invoice dated April 18, and FOB destination.. 21 After negotiations, received from Frist a $500 allowance toward the $12,300 ved on the April 18 purchase. 26 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet Pald $330 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits Dato Apr 03 Debit Credit General Journal Merchandise inventory Cash 330 330 Record entry Clear entry View general journal Journal entry worksheet Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. Note: Enter debits before credits. Date General Journal Debit Credit Apr 04 800 Accounts payable-Lyon Merchandise inventory 800 Record entry Clear entry View general joumal 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 Date Debit Credit Apr 28 General Journal Accounts payable--Frist Merchandise inventory Cash Record entry Clear entry Vlow general journal
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