Apr.
2 Purchased $3,800 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 $550.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $6,900 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 $6,900 owed on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.
Answers: 1
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Apr.
2 Purchased $3,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice d...
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