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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.

2.
 
On April 6, paid freight costs of $620 on
merchandise purchased from Lyman.

3.
 
On April 7, purchased equipment on account for
$30,800.

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.

(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.

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