Presented below is the following information related to Argentina Co.

1. On April 5, purchased merchandise from Chile Company for $18,000, terms 2/10. net/30.

I ( >B shipping point.

2. On April 6. paid freight costs of $800 on merchandise purchased from Chile.
3. On April 7, purchased equipment on account from Wayne Higley Mfg. Co. for $26,000.
4. On April 8. returned damaged merchandise to Chile Company and was granted a $4,000 allowance.
5. On April 15, paid the amount due to Chile Company in full.
Instructions

(a) Prepare the journal entries to record these transactions on the books of Argentina Co. using a periodic inventory system.

(b) Assume that Argentina Co. paid the balance due to Chile Company on May 4 instead of April 15. Prepare the journal entry to record this payment.