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, 30 of merchandise from Lyon Company with credit terms of 2/15, 1/60, Invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $899. 17 Sent a check to Lyon Company for the April 2 purchase, not of the discount and the returned merchandise 18 Purchased $9.900 of merchandise from Frist Corp. with credit torns of 1/10, 1/30, Invoice dated April 18, and FOB destination 21 After negotiations, received from Frist a $500 allowance toward the $9.900 Owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount 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 $5,300 of merchandise from Lyon Company with credit terns of 2/15, 1/60, Invoice dated April 2, and 3 paid $350 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 $9.990 of merchandise from Frist Corp. with credit terns of 1/10, 1/30, invoice dated April 18, and FOB destination 21 After negotiations, received from Frista $500 allowance toward the 59,900 owed on the April 18 purchase. 28 sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction View journal entry worksheet NO Date General Journal Debit Credit