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 $$5,900$ of merchandise from Lyon Company with credit terms of $2/15,$ n$/60,$ invoice dated

April $2,$ and FOB shipping point.

April $3$ Paid $$400$ cash for shipping charges on the April $2$ purchase.

April $4$ Returned to Lyon Company unacceptable merchandise that had an invoice price of $$850.$

April $17$ Sent a check to Lyon Company for the April $2$ purchase, net of the discount and the returned

merchandise.

April $18$ Purchased $$11,100$ of merchandise from Frist Corporation with credit terms of $\frac{1}{10},\frac{n}{30},$ invoice

dated April $18,$ and FOB destination.

April $21$ After negotiations over scuffed merchandise, received from Frist a $$600$ allowance toward the

$$11,100$ 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.

Journal entry worksheet

Purchased $$5,900$ of merchandise from Lyon Company with credit terms of

$\frac{2}{15},\frac{n}{60},$ invoice dated April $2,$ and FOB shipping point.

Note: Enter debits before credits.