No1234567DateApril 02April 03April 04April 17April 18April 21April 28Merchandise inventoryAccounts payable LyonMerchandise inventoryCashAccounts payable-LyonMerchandise inventoryAccounts payable-LyonCashGeneral JournalMerchandise inventoryAccounts payable-FristAccounts payable-FristMerchandise inventoryAccounts payable-FristCashAnswer is not complete.>>››33>>3333>>Debit4,6003006003,9088,5005007,9153>Credit4,6003006003,9088,5005007,915 Exercise 4-3 (Static) Recording purchases, purchases returns, and purchases allowances LO P1Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and thegross method.April 2Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, andFOB shipping point.Paid $300 cash for shipping charges on the April 2 purchase.April 3April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600.April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated AprilApril 1818, and FOB destination.April 21After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed onthe April 18 purchase.April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

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Description: No1234567DateApril 02April 03April 04April 17April 18April 21April 28Merchandise inventoryAccounts payable LyonMerchandise inventoryCashAccounts payable-LyonMerchandise inventoryAccounts payable-LyonCashGeneral JournalMerchandise inventoryAccounts p

The journal entries are prepared to record the transactions on regular basis. The inventory account…

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Exercise 4-3 (Static) Recording purchases, purchases returns, and purchases all Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and April 2 FOB shipping point. April 3 Paid $300 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April April 18 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed on the April 18 purchase. April 18 purchase, net of the allowance and the discount.

Exercise 4-3 (Static) Recording purchases, purchases returns, and purchases all Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and April 2 FOB shipping point. April 3 Paid $300 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April April 18 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed on the April 18 purchase. April 18 purchase, net of the allowance and the discount.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 2AP

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