Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $220 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $5,700 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 $600 allowance toward the $5,700 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Question

22-03-2021
Business

contestada

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $220 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $5,700 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 $600 allowance toward the $5,700 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2021-03-25T17:50:25+01:00

Answer:

Apr. 2

Dr Merchandise Inventory $3200

Cr Accounts Payable $3200

Apr 3

Dr Merchandise Inventory 220

Cr Cash 220

Apr 4

Dr Accounts Payable 700

Cr Merchandise Inventory 700

Apr 17

Dr Accounts Payable $2500

Cr Cash $2450

Cr Merchandise Inventory $50

Apr 18

Dr Merchandise Inventory 5700

Cr Accounts Payable 5700

Apr 21

Dr Merchandise Inventory 600

Cr Accounts Payable 600

Apr 28

Dr Accounts Payable 5100

Cr Cash 5059

Cr Merchandise Inventory 51

Explanation:

Preparation of the journal entries to record the transactions for a retail store