merchandise Purchased merchandise from Frist Corp. under the following terms: $8

Question

merchandise Purchased merchandise from Frist Corp. under the following terms: $8,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. After negotiations, received from Frist a $1,100 allowance on the April 18 purchase Sent check to Frist paying for the April 18 purchase, net of the discount and allowance. 18 21 28 Prepare journal entries to record each of the above merchandising transactions assuming that the periodic inventory system is used. View transaction list Journal entry worksheet Purchased merchandise from Lyon Company under the following terms: $4,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point Note: Enter debits before credits Date General Journal Debit Credit Apr 02 Record entry Clear entry View general journal -F6 3 4 5 6 7

Explanation / Answer

2-Apr Merchandise inventory 4600           Accounts payable— Lyon 4600

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