Prepare journal entries to record each of the following merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method Apr. 2. Purchased 54,900 of merchandise from Lyon Company with credit terms of 27/15, 1/60, invoice dated April 2, and Foo shipping point 3 Pald S274 cash for shipping charges on the April 2 purchase 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of 5550 17 Sent check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise 10 Purchased $10.500 of merchandise from Frist Corp. with credit terms of 1/2, 1/30, invoice dated April 10, and fos destination 21 After negotiations, received froe Frist . $400 allowance toward the $10,500 wed on the April 18 purchase 28 Sent chack to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list View transaction list Journal entry worksheet