Exercise 4-3 (Algo) 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. Apri1 2 Purchased $3,300 of merchandise fron Lyon Company with credit terns of 2/15,n/60, invoice dated April 2 , and roB shipping point. Apri2 3 Paid $230 cash for shipping charges on the April 2 purchase. Apri1 4 Returned to Iyon Company unacceptable rerchandise that had an invoice price of $400. April 17 Sent a check to Lyon Company for the April 2 purehase, net of the discount and the returned merehandise. April 18 purchased $5,900 of morchandise froa Frist corporation with eredit terms of 1/10, n/30, invoice dated April 18, and FoB destination. Apri1 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $5,900 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