Exercise $4-3($Algo$)$ Recording purchases, purchases returns, and purchases allowances LO P$1$

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.

April $2$ Purchased $$3,600$ of merchandise from Lyon Company with credit terms of $\frac{2}{15},\frac{n}{60},$ invoice dated April $2,$ and FOB shipping point.

April $3$ Paid $$270$ cash for shipping charges on the April $2$ purchase.

April $4$ Returned to Lyon Company unacceptable merchandise that had an invoice price of $$800.$

April $17$ Sent a check to Lyon Company for the April $2$ purchase, net of the discount and the returned merchandise.

April $18$ Purchased $$6,500$ of merchandise from Frist Corporation with credit terms of $\frac{1}{10},\frac{n}{30},$ invoice dated April $18,$ and FOB destination.

April $21$ After negotiations over scuffed merchandise, received from Frist a $$500$ allowance toward the $$6,500$ owed on the April $18$ purchase.

April $28$ Sent check to Frist paying for the April $18$ purchase, net of the allowance and the discount.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

Purchased $$3,600$ of merchandise from Lyon Company with credit terms of $\frac{2}{15},\frac{n}{60},$ invoice dated April $2,$ and FOB shipping point.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$April $02,,,],[,,,],[,,,],[,,,],[,,,]]$