Exercise 5-3 (Algo) 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.

April 2	Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
April 3	Paid $260 cash for shipping charges on the April 2 purchase.
April 4	Returned to Lyon Company unacceptable merchandise that had an invoice price of $550.
April 17	Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
April 18	Purchased $7,900 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
April 21	After negotiations over scuffed merchandise, received from Frist a $600 allowance toward the $7,900 owed on the April 18 purchase.
April 28	Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.