ces Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method. April 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $241 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $9,300 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $600 allowance toward the $9,300 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 3 4 5 6 7 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits. " Date April 02 General Journal Debit Credit Record entry View general journal Clear entry >
ces Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method. April 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $241 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $9,300 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $600 allowance toward the $9,300 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 3 4 5 6 7 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits. " Date April 02 General Journal Debit Credit Record entry View general journal Clear entry >
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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Transcribed Image Text:ces
Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the
periodic inventory system and the gross method.
April 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15,
n/60, invoice dated April 2, and FOB shipping point.
April 3 Paid $241 cash for shipping charges on the April 2 purchase.
April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price
of $500.
April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount
and the returned merchandise.
April 18 Purchased $9,300 of merchandise from Frist Corporation with credit terms of
1/10, n/30, invoice dated April 18, and FOB destination.
April 21 After negotiations over scuffed merchandise, received from Frist a $600
allowance toward the $9,300 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
3 4
5
6 7
Purchased $4,300 of merchandise from Lyon Company
with credit terms of 2/15, n/60, invoice dated April 2,
and FOB shipping point.
Note: Enter debits before credits.
"
Date
April 02
General Journal
Debit Credit
Record entry
View general journal
Clear entry
>
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