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WORK 1 epare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the ross method.
WORK 1 epare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the ross method. pr. 2 Purehased $7,000 ot merchandise trom t,yon Company vith credit terms ot 2/5, n/60, invoice dated April 2, and ros shipping point Paid $250 eash for shipping charges on the April 2 parchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800, 18 Purchased $13,300 of merchandise trom Frist Corp, with credit terms ot 1/10, n/30, invoice dated April 18, and FOD destination. 21 Atter negotiations, received tron Frist a $400 allovance toward the $13, 300 owed on the April 18 purchase. 28 Sent check to Ferist paying for the April 18 purchase, net of the allowance and the discount list View journal entry worksheet 7,000 Accounts payable -Lyon 7,000 Prev 1 of 1 l Next 2 3 4 6 8
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