Reference no: EM132651195
Problem - 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 $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase.
Apr. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600.
Apr. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
Apr. 18 Purchased $8,500 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 $500 allowance toward the $8,500 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.
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