Question

ament Saved Help Save & Exit Submit Check my work 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 $4,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $270 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 for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $8,900 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 $400 allowance toward the $8,900 owed on the April 18 purchase. 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 $4,800 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 General Journal Debit Credit Apr 02 Record entry Clear entry View general journal

Answer 1

Date	General Journal	Debit	Credit
April 02	Merchandise inventory	4800
	Accounts payable—Lyon		4800
April 03	Merchandise inventory	270
	Cash		270
April 04	Accounts payable—Lyon	800
	Merchandise inventory		800
April 17	Accounts payable—Lyon	4000
	Merchandise inventory		80	=4000*2%
	Cash		3920
April 18	Merchandise inventory	8900
	Accounts payable—Frist		8900
April 21	Accounts payable—Frist	400
	Merchandise inventory		400
April 28	Accounts payable—Frist	8500
	Merchandise inventory		85	=8500*1%
	Cash		8415