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Prepare journal entries to record the following transactions for a retail store. The company uses a...
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 $5,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. | ||
| 3 | Paid $380 cash for shipping charges on the April 2 purchase. | |||
| 4 | Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. | |||
| 17 | Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. | |||
| 18 | Purchased $10,900 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 $10,900 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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Paid $240 cash for shipping
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