Exercise 5-1 This information relates to Sheridan Co.. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Crane Company for $27,200, terms 3/10, n/30. On April 6, paid freight costs of $780 on merchandise purchased from Crane Company. On April 7, purchased equipment on account for $34,20o. On April 8, returned $4,600 of April 5 merchandise to Crane Company. On April 15, paid the amount due to Crane Company in full. Prepare the journal entries to record the transactions listed above on Sheridan Co.'s books. Sheridan Co. uses a perpetual inventory system. ( "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. 2. 3