Exercise 4-3 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 Apr.2 Purchased $5,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and TOB shipping point. 3 Paid $210 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise 18 Purchased $9,700 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and POB destination. 21 After negotiations, received from Feint a $400 allowance toward the $9,700 owed on the April 18 purchase. 28 Sent check to Prist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 1 2 3 5 6 7 Purchased $5,200 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2, and FOB shipping point. Enter debits before credits Date General Journal Debit Credit Prev 1 of 5 Next >