Exercise 4-21A (Algo) Periodic-Recording purchases, returns, and allowances LO P5 Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method. Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $386 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $14,500 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 $14,500 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 2 Paid $386 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 5 Purchased $14,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 5 Purchased $14,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 6 After negotiations, received from Frist a $500 allowance toward the $14,500 owed on the April 18 purchase. 7 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Date General Journal Debit Credit Apr 02