Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual Inventory gross method. Apr. 2 Purchased $3,100 of merchandise from Lyon Coepany with credit terma of 2/15, n/60, invoice dated FOB shipping point. 3 Paid $260 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable nerchandise that had an invoice price of $900. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned mercha 18 Purchased $5,500 of merchandise from Frist Corp. with credit terns ot i/io, n/30, invoice dated Ap FOB destination. 21 After negotiations, received from Prist a $400 allovance toward the $5,500 owed on the April 18 pu 28 Sent check to Prist paying for the April 18 purchsse, net of the allovance and the discount. View transaction ist Journal entry worksheet 6 0 Purchased $3,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter d debits before eredits C Prev 5 of 11 Next > 838 3 5 6