E5 - 2 B Information related to Grzy Co. is presented below. 1 . On April 5, purchased merchandise From Never Company for $ 25, 000 terms 2/10 , net! so, FOR Shipping point . 2. On April 6 paid freight costs of $ 700 on merchandise purchased from Never ! 3 . On April 7, purchased equipment on account for $ 29,000 . 4 . On April 8, returned damaged merchandise to Never Company and was granted { $ 3, 000 credit for returned merchandise. 5 . On April 15 paid the amount due to Never Company in full . Instructions ( a ) Prepare the journal entries to record these transactions on the books of Grey Co . under a perpetual inventory system . ( 7 ) Assume that Grey Co . paid the balance due to Never Company on May 4 instead of April 15 . Prepare the journal entry to record this payment