Please do not give solution in image format ? Exercise 4-3 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventorysystem and the gross method.Apr.23417182128Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice datedApril 2, and FOB shipping point.Paid $310 cash for shipping charges on the April 2 purchase.Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returnedmerchandise.Purchased $5,700 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April18, and FOB destination.After negotiations, received from Frist a $500 allowance toward the $5,700 owed on the April 18purchase.Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Name: Please do not give solution in image format ? Exercise 4-3 (Algo) Reco
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Description: Please do not give solution in image format ? Exercise 4-3 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inve