Exercise 5-3 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 $6,400 of merchandise from Lyon Company with credit terns of 2/15, n/60, invoice dated April 2, and TOB shipping point. 3 Paid $340 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise 18 Purchased $12,100 of merchandise from Prist Corp. with credit terms of 1/10, 1/30, invoice dated April 15, and POB destination. 21 Atter negotiations, received from Frist a $600 allowance toward the $12,100 oved on the April 18 purchase 28 Sent check to rist paying for the April 18 purchase, net of the allowance and the discount View transaction list ences Journal entry worksheet 1 2 3 4 5 6 7 > Purchased 56,400 of merchandise from Lyon Company with credit terms of 2/15, 1/60, invoice dated April 2. and FOB shipping point Dobil Credi General Journal Next