Exercise 4-22A (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 April 2 Purchased $5,800 of merchandise from Lyon Company with credit terns of 2/15, 1/60, invoice dated April 2, and FOB shipping point. April 3 paid $325 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $45e. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $12,300 of merchandise from Frist Corporation with credit terns of 1/10, 1/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $12,380 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. View transaction ist Journal entry worksheet 2 5 6 7 Purchased $5,800 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits General Journal Debit Credit Date Apr 02