Answer:
Apr-02	
Dr Purchase	$ 4,600	
Cr Accounts payable-Lyon	$ 4,600
 
Apr-03
Dr Transportation - in	$ 300	
 Cr  Cash $ 300
 
Apr-04
Dr Accounts payable-Lyon	$ 600	
 Cr Purchase returns & Allowances $ 600
 
Apr-17
Dr	Accounts payable-Lyon $ 4,000
 Cr Purchase discount$ 80
 Cr Cash $ 3,920
 
Apr-18
Dr Purchase	$ 8,500	
 Cr Accounts payable-Frist corp. $ 8,500
Apr-21
Dr	Accounts payable-Frist corp. $ 500	
 Cr Purchase returns & Allowances $ 500
Apr-28	
Dr Accounts payable-Frist $8,000
 Cr Purchase discount$ 160
Cr Cash $7,840
Explanation:
Preparation of the journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.
Apr-02	
Dr Purchase	$ 4,600	
Cr Accounts payable-Lyon	$ 4,600
(Being To record purchase merchandise from Lyon company ) 
Apr-03
Dr Transportation - in	$ 300	
 Cr Cash $ 300
(Being To record shipping charges paid on above purchase )	
 
Apr-04
Dr Accounts payable-Lyon	$ 600	
 Cr Purchase returns & Allowances $ 600
(Being To record purchase return to Lyon company ) 
Apr-17
Dr	Accounts payable-Lyon $ 4,000
 ($4,600 -$600) 
 Cr Purchase discount$ 80
 {($4600 - $600)* 2% } 
 Cr Cash $ 3,920
 ($ 4,000 -$ 80 ) 
(Being To record cash paid to Lyon company for above purchase )	
Apr-18
Dr Purchase	$ 8,500	
 Cr Accounts payable-Frist corp. $ 8,500
(Being To record purchase merchandise from Frist corp. ) 
Apr-21
Dr	Accounts payable-Frist corp. $ 500	
 Cr Purchase returns & Allowances $ 500
(Being To record received allowance on above purchase)
 
Apr-28	
Dr Accounts payable-Frist $8,000
 ($8,500 -$500) 
Cr Purchase discount$ 160
 {($8,500 -$500)*2%} 
 Cr Cash $7,840
($ 8,000 -$ 160 ) 
(Being To record cash paid to Frist corp. for above purchase )