10) List the adjusting journal entry recorded for a company using a perpetual inventory system after a physical count of inventory (page 5-15). 11) Identify the closing journal entry recorded for a company using a periodic inventory system (page 5-38, Illustration 53.4). E5-20 This information relates to Rana Co. On April 5, purchased merchandise from Craig Company for $25,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Craig Company. On April 7, purchased equipment on account for $30,000. On April 8, returned some of April 5 merchandise, which cost $2,800, to Craig Company. On April 15, paid the amount due to Craig Company in full. 10) List the adjusting journal entry recorded for a company using a perpetual inventory system after a physical count of inventory (page 5-15). 11) Identify the closing journal entry recorded for a company using a periodic inventory system (page 5-38, Illustration 53.4). E5-20 This information relates to Rana Co. On April 5, purchased merchandise from Craig Company for $25,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Craig Company. On April 7, purchased equipment on account for $30,000. On April 8, returned some of April 5 merchandise, which cost $2,800, to Craig Company. On April 15, paid the amount due to Craig Company in full