E5.1 Journalise purchase transactions. LO1 This information relates to Peters Ltd. 1. On 5 April purchased inventory from D. Nicks Ltd for $9000, terms 2/7, n/30, FOB shipping point. 2. On 6 April paid freight costs of $450 on inventory purchased from D. Nicks Ltd. 3. On 7 April purchased equipment on account for $13000. 4. On 8 April returned damaged inventory to D. Nicks Ltd and was granted a $1500 allowance. 5. On 9 April paid the amount due to D. Nicks Ltd in full. Required (a) Prepare the journal entries to record these transactions on the books of Peters Ltd using a periodic inventory system. (b) Assume that Peters Ltd paid the balance due to D. Nicks Ltd on 4 May instead of 9 April Prepare the journal entry to record this payment