Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What would the correct answers be? nheducation.com%252F#factivity 5.17 one of two due Mar 1) Saved Help Check my work mode : This shows what is
What would the correct answers be?
nheducation.com%252F#factivity 5.17 one of two due Mar 1) Saved Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate complet Exercise 4-3 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 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 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $230 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. pril 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. -pril 18 Purchased $7,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. -pril 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $7,500 owed on the April 18 purchase. pril 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. No Answer is complete but not entirely correct. General Journal Merchandise Inventory Accounts payable-Lyon Credit Date Apr 02 Debit 4,100 1 O 4,100 2 Apr 03 230 Merchandise inventory Cash O 230 3 Apr 04 450 > Accounts payable Lyon Merchandise inventory 450 Answer is complete but not entirely correct. No Date Debit Credit 1 Apr 02 General Journal Merchandise inventory Accounts payable-Lyon 4,100 4,100 N 2 Apr 03 Merchandise inventory Cash 230 >> 230 3 Apr 04 Accounts payable-Lyon Merchandise inventory 450 450 4 Apr 17 3,807 Accounts payable-Lyon Cash Merchandise inventory >$ 3,880 73 5 Apr 18 7.500 Merchandise inventory Accounts payable-Frist O 7,500 6 Apr 21 500 Accounts payable--Frist Merchandise inventory 500 7 Apr 28 7,500 Accounts payable-Frist Cash Merchandise inventory 0 6,930 570 Next Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started