Business, 16.10.2020 14:01 Angieleelee
Apr. 2 Purchased $5,400 of merchandise from boden 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 for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $10,100 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 $600 allowance toward the $10,100 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.
Answers: 1
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Apr. 2 Purchased $5,400 of merchandise from boden with credit terms of 2/15, n/60, invoice dated Apr...
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