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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 Purchased $ of merchandise from Lyon Company with credit terms of invoice dated April and FOB shipping point.
April Paid $ cash for shipping charges on the April purchase.
April Returned to Lyon Company unacceptable merchandise that had an invoice price of $
April Sent a check to Lyon Company for the April purchase, net of the discount and the returned merchandise.
April Purchased $ of merchandise from Frist Corporation with credit terms of invoice dated April and FOB destination.
April After negotiations over scuffed merchandise, received from Frist a $ allowance toward the $ owed on the April purchase.
April Sent check to Frist paying for the April purchase, net of the allowance and the discount.
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