help in homework

New User?

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. The company uses a perpetual inventory system and the gross method.
  

Apr.   2   Purchased $6,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
Apr.   3   Paid $280 cash for shipping charges on the April 2 purchase.
Apr.   4   Returned to Lyon Company unacceptable merchandise that had an invoice price of $650.
Apr.   17   Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
Apr.   18   Purchased $11,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
Apr.   21   After negotiations, received from Frist a $600 allowance toward the $11,500 owed on the April 18 purchase.
Apr.   28   Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Option 1

Low Cost Option
Download this past answer in few clicks

4.87 USD

PURCHASE SOLUTION

Already member?

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 7 times

Completion Status 100%
View Answer

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)

Related Questions