subject
Business, 12.03.2021 15:00 trinityparker

Apr. 2. Purchased $5,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
3. Paid $230 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 $10,900 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 $500 allowance toward the $10,900 owed on the April 18 purchase.
28. Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.

ansver
Answers: 2

Another question on Business

question
Business, 21.06.2019 18:30
What’s the best type of healthcare plan
Answers: 1
question
Business, 22.06.2019 09:00
Consider the scenario below and let us know if you believe lauren smith's actions to be ethical. let us know why or why not. lauren smith is the controller for sports central, a chain of sporting goods stores. she has been asked to recommend a site for a new store. lauren has an uncle who owns a shopping plaza in the area of town where the new store is to be located, so she decides to contact her uncle about leasing space in his plaza. lauren also contacted several other shopping plazas and malls, but her uncle’s store turned out to be the most economical place to lease. therefore, lauren recommended locating the new store in her uncle’s shopping plaza. in making her recommendation to management, she did not disclose that her uncle owns the shopping plaza. if management decided to go with lauren's uncle's plaza, what additional information would be needed in the financial statements?
Answers: 2
question
Business, 22.06.2019 13:10
A4-year project has an annual operating cash flow of $59,000. at the beginning of the project, $5,000 in net working capital was required, which will be recovered at the end of the project. the firm also spent $23,900 on equipment to start the project. this equipment will have a book value of $5,260 at the end of the project, but can be sold for $6,120. the tax rate is 35 percent. what is the year 4 cash flow?
Answers: 2
question
Business, 22.06.2019 13:50
The retained earnings account has a credit balance of $24,650 before closing entries are made. if total revenues for the period are $77,700, total expenses are $56,900, and dividends are $13,050, what is the ending balance in the retained earnings account after all closing entries are made?
Answers: 2
You know the right answer?
Apr. 2. Purchased $5,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice...
Questions
Questions on the website: 13722362