O | eztanheducation corn tim.tpx uuestion 1001 value 15.00 points Exercise 5-4 R

Question

O | eztanheducation corn tim.tpx uuestion 1001 value 15.00 points Exercise 5-4 Recording entries for merchandise purchases LO P Apr. 2 Purchased merchandise from Lyon Company under the following terms: $6,200 price, invoice dated April 2, credit terms of 2/15, n60 and FOB shipping point. 3 Paid $347 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 merchandise from Frist Corp. under the following terms: $12,850 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination 21 After negotiations, received from Frist a $3,598 allowance on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance. Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system. View transaction list Journal entry worksheet Purchased merchandise from Lyon Company under the following terms: $6,200 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. Wote: Enter debits before credits Date General Journal Debit Credit April 02 Merchandise inventory 6,200 Accounts payable-Lyon 6,200 Record entry Clear entry View general journal Type here to search

Explanation / Answer

Excercise 5-4

Journal

Excercise 5 - 10

Journal

Date Particulars Debit Credit 02-Apr Merchandise Inventory $    6,200.00 Accounts Payable - Lyon Company $    6,200.00 03-Apr Merchandise Inventory $        347.00 Cash $       347.00 04-Apr Accounts Payable - Lyon Company $        800.00 Merchandise Inventory $       800.00 17-Apr Accounts Payable - Lyon Company $    5,400.00 (6200 - 800) Merchandise Inventory $       108.00 (6200 - 800) x 2% Cash $    5,292.00 18-Apr Merchandise Inventory $ 12,850.00 Accounts Payable - Frist Corp $ 12,850.00 21-Apr Accounts Payable - Frist Corp $    3,598.00 Merchandise Inventory $    3,598.00 28-Apr Accounts Payable - frist Corp $    9,252.00 (12850 -3598) Merchandise Inventory $       185.04 (9252 x 2%) Cash $    9,066.96

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