Prepare journal entries to record the following transactions for a retail store. The company uses...
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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 $6,700 of merchandise from Lyon Company with credit terms of 2//15,n//60, invoice dated April 2 , and FOB shipping point. April 3 Paid $230 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $12,700 of merchandise from Frist Corporation with credit terms of 1//10, n/30, invoice dated April 18 , and FOB destination. April 21
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