FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
April 3 Paid $200 cash for shipping charges on the April 2 purchase.
April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850.
April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
April 18 Purchased $7,100 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 $400 allowance toward the $7,100 owed on the April 18 purchase.
April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discoun
Journal entry worksheet
<
1
2
3 4 5 6 7
Purchased $3,900 of merchandise from Lyon Company with credit terms of
2/15, n/60, invoice dated April 2, and FOB shipping point.
Date
April 02
Note: Enter debits before credits.
General Journal
Debit
Credit
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Transcribed Image Text:Journal entry worksheet < 1 2 3 4 5 6 7 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Date April 02 Note: Enter debits before credits. General Journal Debit Credit
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