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 $6,300 of merchandise from Lyon Company with credit terns of 2/15, 1/60, invoice dated April 2, and FOB shipping point. 3 Paid $370 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $11,900 of merchandise from Prist Corp. with credit terms of 1/10, 1/30, invoice dated April 18, and FOB destination. T 21 After negotiations, received from Frist a $500 allowance toward the $11,900howed on the April 18 purchase. 28 Sent check to Print paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet