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raded Saved Help Save & Exit Submit ck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question Exercise 5-3 Recording purchases, purchases returns, and purchases allowances Lo P1 Prepare 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 $6,000 of merchandise from Iyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $340 cash 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 $11,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, aned FOB destination 21 After negotiations, received from Frist a $400 allowance toward the $11,300 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. & Answer is not complete. No Date General Journal Debit Credit Apr 02 Merchandise inventory 6,000 6,000 Accounts payable-Lyon an

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