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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 $3,800 of merchandise from Tyon Company with credit term of 2/15, 1/60, invoice dated April 2, and FOB whipping point. 3 Paid $310 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $6,900 of merchandise from Print Corp. with credit terns of 1/10, 5/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Prista $600 allowance toward the $6,900 owed on the April 18 purchase. 28 Sent check to Friat paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 5 7 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Note: Enter debits before credits General Journal Debit Date Apr 28 Credit Record entry Clear entry View general Journal Prey 2 of 3 HE Next
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