Solution-Prepare the journal entry to record payment

Prepare the journal entry to record payment

Assignment Help Cost Accounting

Reference no: EM13531691

This information relates to Percy Co.

1. On April 5, purchased merchandise from Lyman Company for $28,000, terms 2/10, n/30.

2. On April 6, paid freight costs of $700 on merchandise purchased from Lyman.

3. On April 7, purchased equipment on account for $30,000.

4. On April 8, returned some of April 5 merchandise to Lyman Company, which cost $3,600.

5. On April 15, paid the amount due to Lyman Company in full.

Instructions

(a) Prepare the journal entries to record the transactions listed above on the books of Percy Co. Percy Co. uses a perpetual inventory system.

(b) Assume that Percy Co. paid the balance due to Lyman Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

Reference no: EM13531691

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Prepare the journal entry to record payment

Reference no: EM13531691

Reference no: EM13531691

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