Question - Prepare journal entries to record the following transactions for a retail store. Assume a periodic inventory system is used. (Round your answers to the nearest whole number. Omit the "$" sign in your response.)
Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,000 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.
3 Paid $224 for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850.
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: $8,450 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.
21 After negotiations, received from Frist a $2,366 allowance on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance.