question 1

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 $4,600 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 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 $8,500 of merchandise from Peut Corp. with credit term of 1/10, 7/30, Invoice dated April 18, and TON destination. 21 After negotiations, received from Trist $500 allowance toward the 58,500 owed on the April 18 purchase. 28 sent check to Trist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 5 6 7 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits Date Credit General Journal Merchandise inventory Accounts payable--Lyon Debit 4,600 Apr 02 4.800 Prey 1 of 3 !!! Score answer >