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 $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $200 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $5,700 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 $5,700 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Purchased $3,200 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. Date Apr 02 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Paid $200 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits. Date Apr 03 O General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Returned to Lyon Company unacceptable merchandise that had an invoice price of $700. Note: Enter debits before credits. Date Apr 04 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Note: Enter debits before credits. Date Apr 17 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 6 7 Purchased $5,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. Note: Enter debits before credits. Date Apr 18 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 7 After negotiations over scuffed merchandise, received from Frist a $600 allowance toward the $5,700 owed on the April 18 purchase. Note: Enter debits before credits. Date Apr 21 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. Note: Enter debits before credits. Date Apr 28 General Journal Debit Credit Record entry Clear entry View general journal At the beginning of the year, Snapit had $11,000 of inventory. During the year, Snaplt purchased $37,000 of merchandise and sold $31,500 of merchandise. A physical count of inventory at year-end shows $12,000 of inventory exists. Prepare the entry to record inventory shrinkage. View transaction list Journal entry worksheet 1 Record the inventory shrinkage. Note: Enter debits before credits. Date Dec 31 General Journal + Debit Credit Record entry Clear entry View general journal $ 490 16,600 4,100 2,900 710 91,300 12,000 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales salaries expense Prepare a multiple-step income statement. $ 6,260 Depreciation expense-Office copier 740 Sales discounts 1,220 Sales returns and allowances 229,000 TV advertising expense 32,200 Interest revenue 10,700 Cost of goods sold 23,400 Sales commission expense FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses 0 0 0 Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Other revenues, gains, expenses & losses Total other revenues, gains, expenses & losses 0 0 0 0 0