Record the above transactions for a retail store

Reference no: EM131067272

Apr. 2 Purchased merchandise from Lyon Company under the following terms: 53.400 price. invoice dated Apnl 2. credit terms of 2115. n160. and FOB shipping point

3 Paid $190 for shipping charges on the April 2 purchase
4 Returned to Lyon Company unacceptable merchandise that had an invoice once of 5500
17 Sent a check to Lyon Company for the Apnl 2 purchase, net of the discount and the returned merchandise
18 Purchased merchandise from Fnst Corp under the following terms 57.250 price, invoice dated April 18, credit terms of 2/10. &30, and FOB destination
21 After negotiations. received from Fnst a 52.030 allowance on the Apnl 18 purchase
28 Sent check to Fnst 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

Reference no: EM131067272

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