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Hello, I need help with the following question(s):

rConnect ? | Secure l https://newconnect.mheducation.com/flow/connect.html Ch 4 Exercises Saved Help Save & Exit Submit Check my work Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 5.83 pcinis Prepare journal entries to record the following transactions for a retall store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,6a0 of merchandise from Lyon Carpany with credit terms of 2f15, n/6, invoice dated Apríl 2, and FOB shipping eBook point 3 Paid 3300 cash for shipping charges cn the April 2 purchasc 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased 8,500 cf merchandise from Frist Carp. uith credit terms of 1/10, n/38, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a 500 alloance toward the $8,5e0 oNed cn the April 18 purchase 28 Sent check to Frist paying for the April 18 purchase, net of the allcuance and the discount Hint Piint References View transaction list Journal entry worksheet 123 4 5 67 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point Mc Graw O Type here to search 12:31 AM 6/23/2018

Explanation / Answer

JOURNAL ENTRIES DATE PARTICULARS DEBIT($) CREDIT($) 2-Apr MERCHANDISE INVENTORY A/C 4,600 TO ACCOUNTS PAYABLE-LYON A/C 4,600 (BEING MERCHANDISE PURCHASED FROM LYON COMPANY 3-Apr MERCHANDISE INVENTORY A/C 300 TO CASH A/C 300 (BEING SHIPPING CHARGES PAID TO SHIPPING COMPANY) 4-Apr ACCOUNTS PAYABLE-LYON A/C 600 TO MERCHANDISE INVENTORY A/C 600 (BEING MERCHANDISE RETURNED ) 17-Apr ACCOUNTS PAYABLE-LYON A/C 4,000 TO MERCHANDISE INVENTORY A/C 80 TO BANK A/C 3,200 (BEING CHEQUE SENT AND INVENTORY RETURNED) 18-Apr MERCHANDISE INVENTORY A/C 8,500 TO ACCOUNTS PAYABLE-FRIST A/C 8,500 (BEING INVENTORY PURCHASED FROM FRIST CORP.) 21-Apr ACCOUNTS PAYABLE-FRIST A/C 500 TO MERCHANDISE INVENTORY A/C 500 (BEING ALLOWANCE RECEIVED FROM FRIST OF $500) 28-Apr ACCOUNTS PAYABLE-FRIST A/C 8,000 TO MERCHANDISE INVENTORY A/C 80 TO BANK A/C 7,920 (BEING CHEQUE SENT AFTER DISCOUNT AND ALLOWANCE)

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