Saved Help Save & Ch Exercise 4-3 Recording purchases, purchases returns, and purchases allowance s LO P1 Prepare journal entries to record the follo gross method. wing transactions for a retail store. The company uses a perpetual inventory system and the Apr. 2 Purchased $5,300 of merchandise trom Lyon company with credit terms of 2/15, n/60, invoice dated April 2, and FOB 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 s500. 17 Sent a check to Lyon Company for the Apri1 2 purchase, net of the discount and the returned merchandise. 18 Purchased $9,900 of merchandise from Frist Corp. with credit terms of /10, n/30, invoice dated April and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $9,900 oved on the April 18 purchase 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list 4 Che Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following trar May 11 Sydney accepts delivery ot $23,000 of merchandise it purchases for resale trom Troys invoice dated 2.5 points sactions t Skipped 3/10, n/90: delivery charges on the merchandise Nay 1 terna POB shipping point. The goods cost Troy $15,410 Sydney pays $395 cash to 12 Sydney returna $1,400 of the $23,000 ot goods to Troy, who receives then the sane day and restores them to its inventory. The returned goods had cost Troy $938 eBook Hint Print 20 Sydney pays Troy tor the amount owed. Troy receives the cash immediately (Both Sydney and Troy use a perpetual inventory system and the gross method) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions References 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions