Business, 12.03.2021 15:00 trinityparker

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 $230 cash for shipping charges on the April 2 purchase.
4. Returned to Lyon Company unacceptable merchandise that had an invoice price of $900.
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.

Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.

Answers: 2

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