3. Presented below is information related to Chevalier Co. 1. On April 5, purchased merchandise from Paris Company for $22,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $800 on merchandise purchased from Paris. 3. On April 7, purchased equipment on account from Wayne Higley Mfg. Co. for $26,000. 4. On April 8, returned merchandise, which cost $4,000, to Paris Company. 5. On April 15, paid the amount due to Paris Company in full. Required: (a) Prepare the journal entries to record these transactions on the books of Chevalier Co. using a periodic inventory system. (b) Assume that Chevalier Co. paid the balance due to Paris Company on May 4 instead of April 15. Prepare the journal entry to record this payment