Solution:
Journal Entries | |||
Date | Particulars | Debit | Credit |
2-Apr | Merchandise inventory Dr | $4,600.00 | |
To Accounts payable - Lyon | $4,600.00 | ||
(To record purchase of inventory on account) | |||
3-Apr | Merchandise inventory Dr | $300.00 | |
To Cash | $300.00 | ||
(To record freight payment) | |||
4-Apr | Accounts payable - Lyon Dr | $600.00 | |
To Merchandise Inventory | $600.00 | ||
(To record purchase returns) | |||
17-Apr | Accounts payable - Lyon Dr | $4,000.00 | |
To Cash | $3,920.00 | ||
To Inventory | $80.00 | ||
(To record payment to supplier) | |||
18-Apr | Merchandise inventory Dr | $8,500.00 | |
To Accounts payable - Frist | $8,500.00 | ||
(To record purchase of inventory on account) | |||
21-Apr | Accounts payable - Frist Dr | $500.00 | |
To Merchandise Inventory | $500.00 | ||
(To record allowance received) | |||
28-Apr | Accounts payable - Frist Dr | $8,000.00 | |
To Cash | $7,920.00 | ||
To Inventory | $80.00 | ||
(To record payment to supplier) |
9 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to...
Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 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 $350 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice...
Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P1 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 $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $210 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. nts Apr. eBook 2 Purchased $5,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. nts Apr. eBook 2 Purchased $5,700 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that...
need help completing journal entries Exercise 4-15A Recording purchases, returns, and allowances-periodic LO P5 Apr. 2 Purchased $6,300 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. 3 Paid $353 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $900. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and...
Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 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 s390 cash tor shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of s650. 17 Sent...
Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual Inventory gross method. Apr. 2 Purchased $3,100 of merchandise from Lyon Coepany with credit terma of 2/15, n/60, invoice dated FOB shipping point. 3 Paid $260 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable nerchandise that had an invoice price of $900. 17 Sent a...
Exercise 5-5 Recoraing purcnases, purcnases returns, ana purcnases allowances Lumi 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, 1/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price...
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 $4,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $280 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. 17 Sent a check to Lyon Company...
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 $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...