Exercise 5-15 (Part Level Submission) This information relates to Sheridan Co. 1. On April 5, purchased merchandise from Crane Company for $26,700, terms 2/10, n/30. 2. On April 6, paid freight costs of $2,700 on merchandise purchased from Crane Company. 3. On April 7, purchased equipment on account for $37,700. 4. On April 8, returned some of the April 5 merchandise to Crane Company, which cost $4,300. 5. On April 15, paid the amount due to Crane Company in full. (a) Your answer is correct. Prepare the journal entries to record these transactions on the books of Sheridan Co. using a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 7 April 5 Purchases 26700 Accounts Payable 26700 April 6 Freight-In 2700 Cash 2700 April 7 Equipment Accounts Payable 37700 April 8 | Accounts Payable 4300 T I Purchase Returns and Allowances wances I 4300 April 15 | Accounts Payable Cash 1952 Purchase Discounts 448 Click if you would like to Show Work for this question: Open Show Work (b) Assume that Sheridan Co. paid the balance due to Crane Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used