Chapter 5: Homework Problems Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual Iinventory system and the gross method. 34 $4,200 of merchandine from Lyon Company with credit terme of 2/15, n/60, invoice dated April 2, and FO ahipping point. 3 Paid $380 cash for shipping charges on the April 2 purchase 4 Returned to 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Parchased $7,700 of merehandise fron Prist Corp, with credit terms of 1/10, n/30, invoice dated April 18, and POn Lyon Company unacceptable merchandine that had an invoice price of $550. destination 21 After negotiations, received from Prist $500 allowance toward the $7,700 owed on the April 18 parehase. 28 Sent check to Prist paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet $4,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Apr 02 Chapter 5: Homework Problems Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual Iinventory system and the gross method. 34 $4,200 of merchandine from Lyon Company with credit terme of 2/15, n/60, invoice dated April 2, and FO ahipping point. 3 Paid $380 cash for shipping charges on the April 2 purchase 4 Returned to 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Parchased $7,700 of merehandise fron Prist Corp, with credit terms of 1/10, n/30, invoice dated April 18, and POn Lyon Company unacceptable merchandine that had an invoice price of $550. destination 21 After negotiations, received from Prist $500 allowance toward the $7,700 owed on the April 18 parehase. 28 Sent check to Prist paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet $4,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Apr 02