prepare journal entries to record the following transactions for a retail store. The company uses perpetual inventory system and the gross method.

4. Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P1 20 points Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. pr. 2 Purchased 55, of merchant Lyon Company with credit ter of 2/1/6. invoice dated April 2, and Foe shipping point. 3 Paid 5350 cash for shipping charges on the ord purchase 4 Returned to Lyon Company unacceptable merchant that had rice of 17 Senta check to Lyon Conany for the price, the count the returned merchandise 10 Purchased 59,303 merchandise on the dated April 18, and Foe destination 21 tentations, recelied from Frist is purchase. 28 sent check to Frist for the purchase anche dicunt. View banciones Journal entry worksheet 1 2 65 6 1 > Durchased 55.000 of merchandise from Lyon Compartimo 2/15/60, invoice dated April 2, and to the point Net Entert before true General Journal dre Date Rere