Exercise 4-21A (Algo) Periodic-Recording purchases, returns, and allowances LO PS 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 $3,000 of merchandise from Lyon Company with credit terms of 3/15, n/60, invice dated April 2, and to shipping point 3 Paid $213 cash for shipping charges on the April 2 purchase. eturned to Lyon Company snacceptable werchandise that had an invite price of $300. 17 Sent check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased 18,300 of merchandise from frist Corp. with credit terms of 1/10, 38, Lasice dated April 18, and FOB destination. 21 After negotiations, received from Frist $600 allowance toward the $8,300 ed 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 complete but not entirely correct. No 1 Date Apr 02 General Journal Debit Credit Merchandse inventory Accounts payable-Lyon 00 1800 1.000 2 Apr 03 Merchandise oventory Cash 3 Apr 04 Accounts payable-Lyon 00 0 9 213 900 < Prev 4 of 7 Next > 213 Return to question NO Date General Journa 1 Apr 02 Merchandise inventory Accounts payable-Lyon 2 Apr 03 3 Apr 04 Merchandise inventory Cash Accounts payable-Lyon Merchandise inventory 4 Apr 17 Accounts payable-Lyon Merchandise inventory Cash 5 Apr 10 Merchandise montory Accounts payable-Frist 6 Apr 21 1 Apr 201 Accounts payable-Frist Merchandise inventory Accounts payabio-Frist Merchandise inventory Cash 00 00 00 000 Depit Creat 3.800 3,800 000 00 00 2130 213 900 900 3.587 O 720 3,515 8.300 8.300 600 600 7,700 O 110 7.623 Return to