Refer to Exercise 4-3 and prepare journal entries to record each of the merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method..

Data from Exercise 4-3

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

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Apr. 2 3 4 17 18 21 28 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n60, invoice dated April 2, and FOB shipping point. Paid $300 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $8,500 of merchandise from Frist Corp. with credit terms of 1/10, n30, invoice dated April 18, and FOB destination. After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed on the April 18 purchase. Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.