This information relates to Percy Co.
1. On April 5 purchased merchandise from Lyman Company for $29,900, terms 2/10, n/30.
2. On April 6 paid freight costs of $924 on merchandise purchased from Lyman.
3. On April 7 purchased equipment on account for $32,538.
4. On April 8 returned some of April 5 merchandise to Lyman Company which cost $4,100.
5. On April 15 paid the amount due to Lyman Company in full.
Requirement:
(a) Prepare the journal entries to record the transactions
listed above on the books of Percy Co. Percy Co. uses a perpetual
inventory system.
(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.
