Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare journal entries to record the following tr

Prepare journal entries to record the following transactions for a retail store. The company uses...

70.2K

Verified Solution

Question

Accounting

image
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $5,700 of merchandise from Lyon Company with credit terms of 2/15,n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $400 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $10,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from frist a $400 atlowance toward the $10,700 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet 234567 Purchased $5,700 of merchandise from Lyon Company with credit terms of 2/15,n/60, invoice dated April 2, and FOB shicioping point. Note: Enter debits before credits

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

1. In gram stain if at the end of the procedure both the Gram-positive and Gramnegative bacteria...

Advance Math
1.2K views

prove that every integer greater than 2 can be broken into sum of multiples of 2...

Accounting
1.2K views

[The following information applies to the questions displayed...

Accounting
1.2K views

Q1. Summary of study review a. List at least two similarities and two differences between...

Accounting
1.2K views

-55,000 Bal 47.600 7,000 2.400 50,000 110,000 -65,000 33,000 -10.000 800 4,500 4,500 47 800...

Accounting
1.2K views

Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected...

Accounting
1.2K views

For Retained Earnings. the category of account and its normal balance is ________ A. assets...

Accounting
1.2K views

Create two depreciation schedule templates, which automatically adjusts to the value of input variables. One...

Accounting
1.2K views

Exercise 11-10 (Algo) Make or Buy Decision [LO11-3] Futura Company purchases the 79,000 starters that...

Accounting
1.2K views

Nike, Inc., Problem Financial Statement Analysis The financial statements for Nike, Inc., are...

Finance
1.2K views

Academics and practitioners have identifed several major reasons that drive firms' merger, acquisition, and breakup...

Accounting
1.2K views

A company budgets the following merchandising purchases: April: $70,000; May $90,000; June: $60,000. All purchases...