Question

Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses...

Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method.
  

Apr. 2 Purchased $6,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
3 Paid $370 cash for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $13,900 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 $13,900 owed on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Homework Answers

Answer #1

Please Upvote It Will Really Help Me A Lot

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Prepare journal entries to record the following transactions for a retail store. The company uses a...
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 $5,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $370 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. 17 Sent a check to Lyon Company...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
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 $4,100 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 price of $600. 17 Sent a check to Lyon Company...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
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 $6,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Apr. 3 Paid $280 cash for shipping charges on the April 2 purchase. Apr. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. Apr. 17 Sent a check...
Apr. 2 Purchased $3,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice...
Apr. 2 Purchased $3,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $202 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $550. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $7,900 of merchandise from Frist Corp. with credit terms...
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Aron.)    Aug. 1 Purchased merchandise from Aron Company for $5,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $3,500 under credit terms of 2/10, n/60, FOB destination,...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Parker's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Allen.) Jul. 1 Purchased merchandise from Allen Company for $10,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Garcia Co. for $3,200 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,920. Apr. 4 The customer in the April 1 sale returned $400 of merchandise for full credit. The merchandise, which had cost $240, is returned to inventory. Apr. 8 Sold merchandise for $1,100, with...
What is the Impact on Income (Increase/Decrease to Income) for the following problem? Prepare journal entries...
What is the Impact on Income (Increase/Decrease to Income) for the following problem? Prepare journal entries to record the following merchandising transactions of Lee's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Clark.) Jul. 1 Purchased merchandise from Clark Company for $8,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold...
Record each of the following transactions, in chronological order, using T accounts, assuming the perpetual inventory...
Record each of the following transactions, in chronological order, using T accounts, assuming the perpetual inventory system is used: Aug. 2 Purchased merchandise on credit from Vera Company, invoice dated August 1, terms n/10, FOB shipping point, $1,150. 3 Received bill from Strauss Shipping Company for transportation costs on August 2 shipment, invoice dated August 1, terms n/30, $105. 7 Returned damaged merchandise received from Vera Company on August 2 for credit, $180. 10 Paid in full the amount due...
Prepare journal entries to record each of the following transactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,000 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Nov. 7 Returned 45 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT