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 $6,800 of merchandise fron Lyon Company with oredit torms of 2/15,n/60, invoice datod April 2 , and FOB ahipping point. 3 Paid $360 cash for shipping charges on the April 2 purchase. 4 Returned to tyon company unacceptable merchandise that had an involice price of $600. 17 sent a check to Lyon company for the April 2 purchase, net of the discount and the returned merehandiue. 18 purchased $12,900 of merchandise from Frist Corp. With eredit terms of 1/10,n/30, invoice dated Apri1 18 , and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $12,900 owed on the April 18 purchaso. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Journal entry worksheet Purchased $6,800 of merchandise from Lyon Company with credit terms of 2/15,n/60, invoice dated April 2 , and FOB shipping point. Note: Enter debits before credits