""111V23456i 7ApmApril 04April 17April 18April 21April 28merchandise inventoryCashAccounts payable LyonMerchandise inventoryAccounts payable LyonMerchandise inventoryCashMerchandise inventoryAccounts payable FristAccounts payable-FristMerchandise inventoryAccounts payable-FristMerchandise inventory6O7< Prev488 of 10hp#9ZOU8003,7006,7005006,700Next >260800742,7386,70050075200 Homework iPrepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and thegross method.April 2 Purchased $3,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shippingpoint.Paid $260 cash for shipping charges on the April 2 purchase.Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.Purchased $6,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOBdestination.April 3April 4April 17April 18April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $6,700 owed on the April 18purchase.April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.View transaction list View journal entry worksheeti1iNo1234RDateApril 02April 03April 04April 17TMerchandise inventoryAccounts payable-LyonMerchandise inventoryCashAccounts payable-LyonMerchandise inventoryAccounts payable-LyonMerchandise inventoryGeneral JournalTOU< PrevA88 of 10hp#Debit3,7002608003,700Next >Credit3,70026080074********Ⓒ

Perpetual inventory system is one of the inventory system being maintained in business. This says…

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 $3,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $260 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $6,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $6,700 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list View journal entry worksheet Dato General Journal Debit Credit ******** X

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 $3,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $260 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $6,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $6,700 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list View journal entry worksheet Dato General Journal Debit Credit ******** X

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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