Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
Paid $4600 - 600 (returned good) = 4000 x 2% = 80
4000 - 80 = 3920

Question

23-12-2022
Business

contestada

Sent a check to Lyon Co for the April 2 purchase, net of the discount and the returned merchandise.
Paid $4600 - 600 (returned good) = 4000 x 2% = 80
4000 - 80 = 3920

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contexto38 contexto38 · Answer 1 · 2022-12-28T08:32:22+01:00

In the journal entry, the accounts payable will be debited, and the cash and discounts will be credited.

The journal entry to record the financial transaction in the books of Lyon Co. for the April 2 purchase, net of the discount and the returned merchandise, is as given below.

17 April Account payable Ac. Dr. 4,000

TO, Discount received 80

TO, Cash 3,920

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#Complete question

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

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

Paid $4600 - 600 (returned good) = 4000 x 2% = 80

4000 - 80 = 3920