I need help. Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and thegross method.April 2 Purchased $6,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shippingpoint.Paid $210 cash for shipping charges on the April 2 purchase.April 3April 4Returned to Lyon Company unacceptable merchandise that had an invoice price of $850.April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.April 18Purchased $12,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOBdestination.April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $12,700 owed on the April 18purchase.April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet<12DateApr 023Purchased $6,700 of merchandise from Lyon Company with credit terms of2/15, n/60, invoice dated April 2, and FOB shipping point.Note: Enter debits before credits.Record entry4 5 6 7General JournalClear entryDebitCreditView general journal

Name: I need help. Prepare journal entries to record the following transacti
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Description: I need help. Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and thegross method.April 2 Purchased $6,700 of merchandise from Lyon Company with credit terms of 2/15, n/60,

Journal entries are the first step in recording financial transactions. It's based on the double…

Business

Accounting

Journal entry worksheet < 1 2 Date Apr 02 3 4 Note: Enter debits before credits. Purchased $6,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Record entry 5 6 General Journal 7 Clear entry Debit Credit View general journal >

Journal entry worksheet < 1 2 Date Apr 02 3 4 Note: Enter debits before credits. Purchased $6,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Record entry 5 6 General Journal 7 Clear entry Debit Credit View general journal >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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