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question exercise 4 3 recording purchases purchases returns and purchases allowances 4279988

Question

Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1

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 $3,3ee of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point 3 Paid $240 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 $5,90e of merchandise from Frist Corp. with credit terms of 1/1e, n/30, invoice dated April 18, and FOB destination 21 After negotiations, received from Frist a $400 allowance toward the $5,90e 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 2 3 4 6 Purchased $3,300 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

 

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