Question: Exercise 4-3 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The

Exercise 4-3 (Static) 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 point. April 3. Poid $300 cash for shippiog charges on the April 2 purchase. Aprt1-4 Returned to Lyon Coopany unacceptable merchandise thot had an involec price of s6os. Apr 11 17 Sent a check to Lyon Company for the Apr11 2 purchasc, net of the discount and the returned merchandise. destination. April 28 Sent check to Frist paying for the April 18 porchase, net of the fllowance ond the discount

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