repare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.    Apr.   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.     3   Paid $280 cash for shipping charges on the April 2 purchase.     4   Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.     17   Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.     18   Purchased $6,700 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 $600 allowance toward the $6,700 owed on the April 18 purchase.     28   Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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repare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.
  

Apr.   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.
    3   Paid $280 cash for shipping charges on the April 2 purchase.
    4   Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.
    17   Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
    18   Purchased $6,700 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 $600 allowance toward the $6,700 owed on the April 18 purchase.
    28   Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

 

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