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Recording entries for merchandise purchases LO P1 Purchased merchandise from Lyon Company under the following terms $3, 100 price, invoice dated April 2, credit terms of 2/15. n/60 and FOB shipping point Paid $174 for shipping charges on the April 2 purchase Returned to Lyon Company unacceptable merchandise that had an invoice price of $500 Sent a check to Lyon Company for the April 2 purchase net of the discount and the returned merchandise Purchased merchandise from First Corp under the following terms $6, 650 price. invoice dated April 18, credit terms of 2/10 n/30 and FOB destination After negotiations received from First a $1, 862 allowance on the April 18 purchase Sent check to First paying for the April 18 purchase net of the discount and allowance. Prepare journal entries to record the above transactions for a retail store Assume a perpetual inventory system