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anyanavicka [17]
3 years ago
12

Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shippin

g point.
3 Paid $390 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 $13,100 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 $400 allowance toward the $13,100 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.
Business
1 answer:
ziro4ka [17]3 years ago
7 0

Answer:

Apr. 2

Merchandise $6,900 (debit)

Accounts Payable : Lyon Company $6,900 (credit)

<em>Purchased Merchandise from Lyon Company on credit</em>

April 3.

Accounts Payable : Lyon Company $390 (debit)

Cash $390 (credit)

<em>Payment of Freight Charges Include in Invoice (FOB)</em>

April 4.

Accounts Payable : Lyon Company $500 (debit)

Merchandise $500 (credit)

<em>Returned Merchandise to Lyon Company</em>

April 17.

Accounts Payable : Lyon Company $6,010 (debit)

Discount Received $120 (credit)

Cash $5,890 (credit)

<em>Payment of amount due to Lyon Company and discount received</em>

April 18.

Merchandise $13,100  (debit)

Accounts Payable: Frist Corp $13,100  (credit)

<em>Purchased Merchandise on credit from Frist Corp</em>

April 2.

Accounts Payable: Frist Corp $400  (debit)

Purchase allowance $400 (credit)

<em>Received and allowance from Frist Corp</em>

April 28.

Accounts Payable: Frist Corp $12,700 (debit)

Discount Received $127 (credit)

Cash $12,573 (credit)

<em>Payment of amount due to Frist Corp and discount received</em>

Explanation:

See the journals and their narrations prepared above.

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independently analyzing the latest market research report

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Fleet, Inc. manufactured 700 units of Product A, a new product, in 20Xl. Product Xs variable and fixed manufacturing costs per u
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Identify each of the following transactions as:
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Answer:

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Basically there are three types of activities under the indirect method is shown below:

1. Operating activities: It includes those transactions which affect the working capital, and it records gain or loss on sale of the assets. Increase in current assets and decrease in current liabilities would be subtracted and the decrease in current assets and increase in current liabilities would be added

2. Investing activities: It records those activities which include purchase and sale of the fixed assets

3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance.  

So, the item categorization under each activities are shown below:

a. Cash sale of land  - Investing activity (I) (+)

b. Issuance of long-term note payable in exchange for cash  - Financing activity (F) (+)

c. Depreciation of equipment  - Operating activity (O) (+)

d. Purchase of treasury stock  - Financing activity (F) (-)

e. Issuance of common stock for cash  - Financing activity (F) (+)

f. Increase in accounts payable  -   Operating activity (O) (+)

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p. Increase in prepaid expenses - Operating activity (O) (-)

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