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

April $2$ Purchased $$6,700$ of merchandise from Lyon Company with credit terms of $\frac{2}{15},\frac{n}{60},$ invoice dated April $2,$ and FOB shipping point.

April $3$ Paid $$340$ cash for shipping charges on the April $2$ purchase.

April $4$ Returned to Lyon Company unacceptable merchandise that had an invoice price of $$750.$

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

April $18$ Purchased $$12,700$ 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 $$500$ allowance toward the $$12,700$ 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

View journal entry worksheet

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[i,1,$April $02,$Merchandise inventory,$6,700,],[,,$Accounts payable$-$Lyon,,$6,700],[$i$,2,$April $03,$Merchandise inventory,$340,],[,,$Cash,,$340],[i,3,$April $04,$Accounts payable $-$ Lyon,$750,],[,,$Merchandise inventory,,$750],[i,4,$April $17,$Accounts payable$-$Lyon,,$],[,,$Merchandise inventory,,$],[,,$Cash,,$],[i,5,$April $18,$Merchandise inventory,$12,700,2],[,,$Accounts payable $-$ Frist,,$12,700],[-,,,,],[$i$,6,$April $21,$Accounts payable $-$ Frist,$500,],[,,$Merchandise inventory,,$500],[$r$,7,$April $28,$Accounts payable$-$Frist,,$],[,2,$Merchandise inventory,,$],[,,$Cash,,$]]$