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

Question

Prepare a journal entry to record the following transactions for a retail store. Assume a perpetual inventory system Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,400 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point 3 Paid $246 for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased merchandise from Frist Corp. under the following terms: $9,250 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21 After negotiations, received from Frist a $2,590 allowance on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the discount and allowance. Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. vlew transaction istview general journal Journal Entry Worksheet 0200800 view transaction list Purchased merchandise from Lyon Company under the following terms: $4,400 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. shgpnpont.dated Apimi 2, credi erms of 2/15, n/6o, and Fos Date April 02 General Journal Debit Credit Enter debits before credits done clear entry record entry

Explanation / Answer

Interpret the 90% confidence interval constructed in Question 61.

ANSWER:    

We are 90% confident that the total balance of all 1775 savings account balances

            within the bank are between $791,327 and $1,004,086.

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