Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P Prepare journal entries to record the following transactions for a retall store. The company uses a perpetual Inventory systerm and the gross method $5,300 of merehandise trom Lyon Cospany with eredit terns ot 2/15, n/60, invoice dated Apeil 2, and ron shipping point 3 Paid $320 cash for shipping eharges on the April 2 purchase. 4 Returned to Lyon Company 7 Sent a check to Lyon Company tor the Apr11 2 purchase, net of the discount and the retursed nerchandise 8 Purchased $9,900 of merchandise from Prist Corp, with credit terms of 1/10, n/30, invoice dated April 18, and unacceptable perchandise that had an invoice price of $450 POB destination. 21 After negotiations, received from riata $400 allowance toward the.."O owed on the April 11 prehm. 28 sent check to Prist paying for the April 18 purchase, net of the allovance and the diseoumt. Journal entry worksheet Purchased $5,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point Note: Enter debits before credits Apr 02 Record eetry Clear entry