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  3. prepare joumal entries to record the following tra

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

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Accounting

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Prepare joumal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method ApE11 2 Purchased $3,600 of morchandise from Lyon company with credit torme of 2/15, n/60, fnvoice dated april 2, and ron ahipping point. April 3 paid $270 canh for shipplng charges on the Agril 2 purchase. Apri1 4 roturned to tyon company unacceptable merchandise that had an involce price of s850. Apri1 17 Bent a check to Lyon Company for the ipril 2 purchase, net of the dincount and the returned morchandiae. Aprt1 18 Purchased $6,500 of merchandise trom Priat Corporation vith eredit terns of 1/10,n/30, favolce dated April 18 , and roe destination. April 21 Atter negotiationa over scutted norchandise, received from Friat a $500 allowance tovard the $6,500 owed on the Apri1 18 purchase. Apri1 28 sent check to Frist paying for the Aptl1 18 purchase, net of the allovance and the discount. Journal entry worksheet (3) (3) (5) (5) (7) Purchased $3,600 of merchandise from Lyon Company with credit terms of 2/15, 7/60, invoice dated April 2, and FOB shipping point. Note: Entec debits before credas

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