Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Prepare journal entries to record the following transactions for a retail store

Prepare journal entries to record the following transactions for a retail store

Accounting

Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory
system.
Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600 price, invoice
dated April 2, credit terms of 2y15, ny60, and FOB shipping point.
3 Paid $300 for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned
merchandise.
18 Purchased merchandise from Frist Corp. under the following terms: $8,500 price, invoice dated
April 18, credit terms of 2y10, ny30, and FOB destination.
21 After negotiations, received from Frist a $1,100 allowance on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance.

Option 1

Low Cost Option
Download this past answer in few clicks

3.87 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE