Return to question Exercise 5-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $6,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $340 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $12,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $12,908 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. X Answer is complete but not entirely correct. Debit Credit 6,800 Date 800 No General Journal Merchandise inventory Accounts pavable-von 1 Apr 02 Next > 5 of 6 Accounts payable Frist Merchandise inventory 18,400 X 7 Apr 28 Accounts payable Frist Merchandise inventory Cash 184 X 18,216 X of 6 Next > Prey. W