S Exercise 4-3 (Algo) 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. April 2 Purchased $6,400 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $300 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $12,100 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 $500 allowance toward the $12,100 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Purchased $6,400 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. View transaction IIST Journal entry worksheet < 1 2 3 4 5 6 7 Purchased $6,400 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 View general journal Clear entry Record entry > Journal entry worksheet < 1 2 mm 3 5 6 7 Paid $300 cash for shipping charges on the April 2 purchase. General Journal Debit Credit Note: Enter debits before credits. Date Apr 03 > View general journal Record entry Clear entry < 1 2 3 4 5 6 7 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. Note: Enter debits before credits. Date Apr 04 General Journal Debit Credit View general journal Record entry Clear entry > 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 View general journal Record entry Clear entry > < 2 3 4 5 6 7 Purchased $12,100 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 View general journal Record entry Clear entry 1 2 3 4 5 F 7 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $12,100 owed on the April 18 purchase. Note: Enter debits before credits. Date Apr 21 General Journal Debit Credit View general journal Record entry Clear entry al entry worksheet < 1 2 3 4 5 6 CO 7 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 View general journal Record entry Clear entry