1 The following information is related to Sheridan Co. On April 5, purchased merchandise on account from Culver Company for $225,000, terms 3/10,net/30, FOB shipping point On April 6. paid freight costs of $940 on merchandise purchased from Culver, On April 7, purchased equipment on account from Holifield Mig.Co. for $29.200. On April 8, returned merchandise, which cost $5,000, to Culver Company On April 15, paid the amount due to Culver Company in full. 2 3 5. Prepare the journal entries to record the preceding transactions on the books of Sheridan Cousing a periodic Inventory system. (Credit account tites are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. Date Account Titles and Explanation Debit Credi 1 No. Date Credi Account Titles and Explanation Debit 1. 2 1 3