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Prepare journal entries to record the given transactions

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Reference no: EM131786810

Question - Prepare journal entries to record the following transactions for a retail store. Assume a periodic inventory system is used. (Round your answers to the nearest whole number. Omit the "$" sign in your response.)

Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,000 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.

3 Paid $224 for shipping charges on the April 2 purchase.

4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850.

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: $8,450 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.

21 After negotiations, received from Frist a $2,366 allowance on the April 18 purchase.

28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance.

Reference no: EM131786810

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