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3 years ago

Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system.

Business

1 answer:

Komok [63]3 years ago

3 0

Answer:

April 02

Dr Merchandise inventory4,600

Cr Accounts payable—Lyon 4,600

April 03

Dr Merchandise inventory300

Cr Cash300

April 04

Dr Accounts payable—Lyon600

Cr Merchandise inventory600

April 17

Dr Accounts payable—Lyon 4,000

Cr Merchandise inventory80

Cr Cash3,920

April 18

Merchandise inventory8,500

Accounts payable—Frist8,500

April 21

Dr Accounts payable—Frist 1,100

Cr Merchandise inventory 1,100

April 28

Dr Accounts payable—Frist7,400

Cr Merchandise inventory 148

Cr Cash 7,252

Explanation:

Preparation of the journal entries

April 02

Dr Merchandise inventory4,600

Cr Accounts payable—Lyon 4,600

April 03

Dr Merchandise inventory300

Cr Cash300

April 04

Dr Accounts payable—Lyon600

Cr Merchandise inventory600

April 17

Dr Accounts payable—Lyon 4,000

Cr Merchandise inventory80

[($4,600 − $600) × 2%]

Cr Cash3,920

(4,000-80)

April 18

Merchandise inventory8,500

Accounts payable—Frist8,500

April 21

Dr Accounts payable—Frist 1,100

Cr Merchandise inventory 1,100

April 28

Dr Accounts payable—Frist7,400

Cr Merchandise inventory 148

(2%*7400)

Cr Cash 7,252

(7,400-148)

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