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Prepare journal entries to record the following transactions for a retall store. The company uses a perpetual inventory system and the gross method. Aprit 2
Prepare journal entries to record the following transactions for a retall store. The company uses a perpetual inventory system and the gross method. Aprit 2 Purchased 54,690 of merchandise from Lyon Company with credit terns of 2/15,n/60, finvoice dated April 2 , and foe shippingt April 3 Paid $300 cash for shipping charges on the Apri1 2 purchase. April 4 Heturned to Lyon Company unaccoptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Conpany for the April 2 purchese, net of the discount and the returned aerchandise. April 18 Purchased 58,500 of merchandise f con Frist Corporation with credit terms of 1/10, a/30, imvoice dated April 10, and Foe destination. Apri1 21 After negotiations over scuffed merchandise, received from frist a $500 allowance toward the $8, 500 oned on the April 111 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the sllouance and the discount
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