1. Journal Entries -
Note -
1. For Discount received on purchase while making payment we have used "Discount on Purchase".
2. For Return and Allowances of purchased items we have used "Purchase Return & Allowance"
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to...
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...
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...
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...
9 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 $4,600 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and TOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 perchase. 4 Returned to Lyon Company unacceptable merchandise that had an...
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...
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...
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 $6,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $310 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...