acc 5- merch journal

Sent check to Frist paying for the April 18 purchase, net of the discount and allowance.

Accounts Payable-Frist-9828 Merchandise Inventory(Credit)-196.56 Cash(Credit)-9631

Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.

Accounts Payable-Lyon-5750(First entry-850) Merchandise Inventory(Credit)-115 Cash(Credit)-5365

Returned to Lyon Company unacceptable merchandise that had an invoice price of $850.

Accounts Payable-Lyon-850 Merchandise Inventory-850

After negotiations, received from Frist a $3,822 allowance on the April 18 purchase.

Accounts Payable-Frist-3822 Merchandise Inventory-3822

Purchased merchandise from Frist Corp. under the following terms: $13,650 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.

Merchandise Inventory-13,650 Accounts Payable-Frist-13650

Paid $370 for shipping charges on the April 2 purchase.

Merchandise Inventory-370 Cash-370

Purchased merchandise from Lyon Company under the following terms: $6,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.

Merchandise Inventory-6600 Accounts Payable-Lyon-6600