please help! Prepare journal entries to record the following transactions for...
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Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 purehased $5,000 of merehandine from Lyon Company with eredit terms of 2/15, n/60, 1 thoice dated April 2, and FOr shipping point. April 3 Paid $350 cash for shipping eharges on the April 2 purehase. Apri1 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. Apri1 17 sent a check to Lyon Company for the April 2 purchase, net of the dincount and the returned merchandise. Apri1. 18 Purehased $9,300 of merchandine froen Frint Corporation with eredit terns of 1/10, n/30, invoice dated Apr 1118 , and FOB destination. April:21 After negotiations over souffed merchandise, received from Frint a $500 allowance toward the $9,300 awed on the Apri1 18 purehase. April 28 Sent cheek to Fxist paying for the April 18 purchase, net of the allowance and the diacount
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