Exercise 4-3 Recording purchases, purchases returns, and purchases allowances L&P Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory gross method Apr. 2 Purchased SS, 900 ofmerehandise tr Lyon company with credit terns of 2/is, n/60, invoice dat 3 Paid 5360 cash tor shspping charges on the pril 2 purchase 1 Returned to 7 Sent a check FOB shipping point yon Company unacceptable serchandise that had an invoice price of ss00. to Lyon Company for the April 2 purchase, net of the discount and the returned m trom Frist Corp. with credic cezms or 1/10, n/30, invoice da and PoB destination 21 After negotiations, zeceived from Frist a s600 allovance tovard the $11,100 oved on the April View transaction ist Journal entry worksheet Paid $360 cash for shipping charges on the April 2 purchase. Note: Enter debits before credits. General Journal Apr 03 360 Cash 360 Record entry Clear entry View general journal KPrev 2 of 8