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Prepare journal entries to record the following transactions for a retail store. The company uses...

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Accounting

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Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $6,600 of merchandise from Lyon Company with credit terms of 2/15, 1/60, 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 $400. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $12,500 of merchandise from Frist Corp. with credit terms of 1/10, 1/30, Invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $12,500 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. No Date Apr 02 Answer is not complete. General Journal Merchandise inventory Accounts payablo-Lyon Credit Debit 6,600 1 6,600 2 Apr 03 270 9 Merchandise inventory Cash 270 3 Apr 04 400 Accounts payable Lyon Merchandise inventory . 400 4 Apr 17 6,6003 Accounts payable Lyon Merchandise inventory Cash 132

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