Business, 22.03.2021 23:20 lzrd3rik

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $220 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $5,700 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 $600 allowance toward the $5,700 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Answers: 2

Show answers

Answers

Answer from: taylormjensen

Apr. 2

Dr Merchandise Inventory$3200

Cr Accounts Payable $3200

Apr 3

Dr Merchandise Inventory220

Cr Cash 220

Apr 4

Dr Accounts Payable700

Cr Merchandise Inventory 700

Apr 17

Dr Accounts Payable $2500

Cr Cash $2450

Cr Merchandise Inventory $50

Apr 18

Dr Merchandise Inventory5700

Cr Accounts Payable 5700

Apr 21

Dr Merchandise Inventory600

Cr Accounts Payable 600

Apr 28

Dr Accounts Payable 5100

Cr Cash 5059

Cr Merchandise Inventory 51

Explanation:

Preparation of the journal entries to record the transactions for a retail store

Apr. 2

Dr Merchandise Inventory$3200

Cr Accounts Payable $3200

Apr 3

Dr Merchandise Inventory220

Cr Cash 220

Apr 4

Dr Accounts Payable700

Cr Merchandise Inventory 700

Apr 17

Dr Accounts Payable (3200-700)$2500

Cr Cash {(3200-700)*0.98} $2450

Cr Merchandise Inventory $50

(2500-2450)

Apr 18

Dr Merchandise Inventory5700

Cr Accounts Payable 5700

Apr 21

Dr Merchandise Inventory600

Cr Accounts Payable 600

Apr 28

Dr Accounts Payable (5700-600)5100

Cr Cash (5100*.99) 5059

Cr Merchandise Inventory 51

(5100-5059)

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

Answer from: Quest

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

Another question on Business

Business, 21.06.2019 19:40

Anew equipment has been proposed by engineers to increase the productivity of a certain manual welding operation. the investment cost is $25,000, and the equipment will have a market value of $5,000 at the end of a study period of five years. increased productivity attributable to the equipment will amount to $10,000 per year after operating costs have been subtracted from the revenue generated by the additional production. if marr is 10%, is investing in this equipment feasible? use annual worth method.

Answers: 3

Answer

Business, 22.06.2019 01:00

Need with my trade theory homework. i doubt what i wrote was right.consider a monopolistically competitive market for soft drinks in which n symmetric firms face the following demand function: q=s(1/n-b(p-(p with the straight line on which implies the marginal revenue functionmr=p-(q/sb)finally, suppose firms face the total cost functiontc=900,000+100qsuppose the market size, s, is 27,000,000, and the elasticity parameter b is 0.003.diagram the price and the average total cost in the market as a function of the number of firms. what are the equations for each curve, and why does each curve slope up or down? label the equilibrium number of firms and the equilibrium price in the diagram. why is this the equilibrium?

Answers: 1

Answer

Business, 22.06.2019 09:20

Which statement best defines tuition? tuition is federal money awarded to a student. tuition is aid given to a student by an institution. tuition is money borrowed to pay for an education. tuition is the price of attending classes at a school.

Answers: 1

Answer

Business, 22.06.2019 10:50

Suppose that a firm is considering moving from a batch process to an assembly-line process to better meet evolving market needs. what concerns might the following functions have about this proposed process change: marketing, finance, human resources, accounting, and information systems?

Answers: 2

Answer

You know the right answer?

Prepare journal entries to record the following transactions for a retail store. The company uses a...

Questions