Question

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 the returned merchandise. 18 Purchased $13,300 of merchandise from Frist Corp. with credit teras of 1/10, 1/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $13,300 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Prepare journal entries to record each of the above merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method.

Answer 1

* Exercise 4- USA Debit credit pak Account Name 6300 APO-O2 merchandise inventory TO Accounts payable Lyon Apr-03 $ 353 merchandise inventory To cash 353 Aproy Accounts payable - Lyon TO merchandise inventory AP2 17 $ 5400 Accounts payable - Lyon (5400x271 To merchandise inventory To cash 5108 $ 5292 Apr 18 $ 13300 merchandise inventory TO Accounts payable Frist $ 13300 6 AP: 21 Accounts payable. $ 500 TO merchandise inventory $ soo Apr 28 S 12800 Accounts Payable - frist (12800X To merchandise inventory TO cash B 128 & 12672 Apr 17 2/15 = means 2% Discount if parg within is days 1. 6300 - $900 - € 5400 X (1007-2/) - $5292 Apr 28 cash paid within discount period 13300-500 - $ 12800 X (100-1%) - 126721