Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method. Apr. 2 Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $179 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $7,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $7,100 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.What are the journal entries?

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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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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Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method.

Apr.	2	Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
	3	Paid $179 cash for shipping charges on the April 2 purchase.
	4	Returned to Lyon Company unacceptable merchandise that had an invoice price of $750.
	17	Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
	18	Purchased $7,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
	21	After negotiations, received from Frist a $500 allowance toward the $7,100 owed on the April 18 purchase.
	28	Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

What are the journal entries?

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