Reference no: EM131748874
Question: I am having a hard time with this journal entry. I know what to put as after as general journal but I keep putting the wrong numbers in the debit or credit section.
Apr. 2 Purchased merchandise from Lyon Company under the following terms: $6,200 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.
3 Paid $347 for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $550.
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: $12,850 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.
21 After negotiations, received from Frist a $3,598 allowance on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance.
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.
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