ACC291T Principles.docx - Exercise 5-3 Recording purchases,...

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Exercise 5-3 Recording purchases, purchases returns, andpurchases allowances LO P1Prepare journal entries to record the following transactions for a retail store.The company uses a perpetual inventory system and the gross method.Apr.2Purchased $4,600 of merchandise from Lyon Company withcredit terms of 2/15, n/60, invoice dated April 2, andFOB shipping point.3Paid $300 cash for shipping charges on the April 2purchase.4Returned to Lyon Company unacceptable merchandise that

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Term
Summer
Professor
NoProfessor
Tags
Corporation, Following, invoice

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