Business, 31.10.2019 02:31 harlon852

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. apr. 3 paid $300 cash for shipping charges on the april 2 purchase. apr. 4 returned to lyon company unacceptable merchandise that had an invoice price of $600. apr. 17 sent a check to lyon company for the april 2 purchase, net of the discount and the returned merchandise. apr. 18 purchased $8,500 of merchandise from first corp. with credit terms of 1/10, n/30, invoice dated april 18, and fob destination. apr. 21 after negotiations, received from first a $500 allowance toward the $8,500 owed on the april 18 purchase. apr. 28 sent check to frist paying for the april 18 purchase, net of the allowance and the discount. prepare journal enteries to record the above transcations for a retail store. assume a perpetual inventory system.

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Apr. 2 purchased $4,600 of merchandise from lyon company with credit terms of 2/15, n/60, invoice da...

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