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This information relates to Percy Co. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)

On April 5, purchased merchandise from Lyman
Company for $26,200, terms 2/10, n/30.

On April 6, paid freight costs of $620 on
merchandise purchased from Lyman.

On April 7, purchased equipment on account for

On April 8, returned some of April 5 merchandise
to Lyman Company, which cost $4,100.

On April 15, paid the amount due to Lyman Company
in full.

Prepare the journal entries to record the transactions listed
above on the books of Percy Co. Percy Co. uses a perpetual
inventory system.

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


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