This information relates to Percy Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
1. |
On April 5, purchased merchandise from Lyman Company for $26,200, terms 2/10, n/30. |
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2. |
On April 6, paid freight costs of $620 on merchandise purchased from Lyman. |
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3. |
On April 7, purchased equipment on account for $30,800. |
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4. |
On April 8, returned some of April 5 merchandise to Lyman Company, which cost $4,100. |
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5. |
On April 15, paid the amount due to Lyman Company in full. |
(a) |
Prepare the journal entries to record the transactions listed above on the books of Percy Co. Percy Co. uses a perpetual inventory system. |
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(b) |
Assume that Percy Co. paid the balance due to Lyman Company on May 4 instead of April 15. Prepare the journal entry to record this payment. |
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