11 2 points Skipped eBook Hint • Print References Prepare journal entries to record the following transactions for a ret

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11 2 Points Skipped Ebook Hint Print References Prepare Journal Entries To Record The Following Transactions For A Ret 1 (44.85 KiB) Viewed 9 times

11 2 points Skipped eBook Hint • Print References Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $6,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $320 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $12, 900 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 3 April 4 April 17 April 18 April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $12, 900 owed on the April 18. purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet < 1 2 Date Apr 02 3 4 5 Note: Enter debits before credits. Purchased $6,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Record entry General Journal 6 Clear entry 7 Debit Credit View general journal >