Recording purchases, purchases returns, and purchases allowances LO P1Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.Apr. 2 Purchased $4,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.3 Paid $220 cash for shipping charges on the April 2 purchase.4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750.17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.18 Purchased $7,700 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.21 After negotiations, received from Frist a $500 allowance toward the $7,700 owed on the April 18 purchase.28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.View transaction list Journal entry worksheet 2 3 4 6 Purchased $3,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits Date General Journal Debit Credit Apr 02 Record entry Clear entry View general journal
