Question

Please show all work.

Exercise 5-4 Recording entries for merchandise purchases LO P1 Apr 2 Purchased merchandise from Lyon Company under the following terms $4,300 price, invoice dated April 2, credit terms of2/15, n/60, and FOB shipping point. 3 Paid $241 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 merchandise from Frist Corp. under the following terms: $9.050 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21 After negotiations, received from Frist a $2,534 allowance on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance. Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system view transaction list journal entry worksheet Debit Credit General Journal Date 4.300 April 02 Merchandise inventory 4,300 Accounts payable-Lyon 21 April 03 Merchandise inventory 241 Cash 500 April 04 Accounts payable-Lyon 500 Merchandise inventory April 17 Accounts payable-Lyon Merchandise inventory Cash 9,050 April 18 Merchandise inventory 9.050 Accounts payable-Frist 2,534 April 21 Accounts payable-Frist 2,534 Merchandise inventory April 28 Accounts payable-Frist Cash Merchandise inventory



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