al entries to record the following transactions for a retail store. The company

Question

al entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross metho Apr 2 Purchased $4 600 of merchandise from Lyon Company with credit terms of 2/15. n/60, Invoice dated Apri 2, and FOB shipping point 3 Paid $300 cash for shipping charges on the April 2 purchase 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600 17 Sent a check to Lyan Company for the April 2 purchase net of the discount and the returned merchandise 18 Purchased $8 500 21 After negotiations, received from Frist a 5500 allowance toward the $8,500 owed on the April 18 purchase 28 Sent check to Frist paying for the April 18 purchase net of the allowance and the discount of merchandse from Frist Corp with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination View transaction list Journal entry worksheet Purchased 54,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Nate Enter debits before credts Date General Journal Debit Credit Apr 02 0 Type here to search

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Apr 2 Merchandise inventory 4600     Account payable 4600 (To record purchase) Apr 3 Merchandise inventory 300     Cash 300 (To record freight paid) Apr 4 Account payable 600     Merchandise inventory 600 (To record purchase return) Apr 17 Account payable (4600-600) 4000     Bank 3920     Merchandise inventory 80 (To record amount paid) Apr 18 Merchandise inventory 8500     Account payable 8500 (To record purchase) Apr 21 Account payable 500     Merchandise inventory 500 (To record purchase allowance) Apr 28 Account payable (8500-500) 8000     Bank 7920     Merchandise inventory 80 (To record amount paid)

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