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
$7,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice
dated April 2, and FOB shipping point.
3
Paid
$360 cash for shipping charges on the April 2 purchase.
4
Returned
to Lyon Company unacceptable merchandise that had an invoice price of $800.
17
Sent
a check to Lyon Company for the April 2 purchase, net of the discount and the
returned merchandise.
18
Purchased
$13,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30,
invoice dated April 18, and FOB destination.
21
After
negotiations, received from Frist a $500 allowance toward the $13,300 owed on
the April 18 purchase.
28
Sent
check to Frist paying for the April 18 purchase, net of the allowance and the
discount.
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