Help Save & Exil Saved 4 Homework Check m 3 Exercise 4-3 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 5 06:26 ebook Apr. 2 Purchased $6.500 of merchandise from Lyon Company with credit terns of 2/15, 1/60, Invoice dated April 2, and POB shipping point. 3 Paid $270 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $12,300 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 Prista $400 allowance toward the $12,300 ved on the April 18 purchase 28 Sent check to Yrist paying for the April 18 purchase, net of the allowance and the discount. Print View transaction list Journal entry worksheet 6 7