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.
