Prepare the journal entries to record these transactions on the books of Sheffield Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from Skysong. 3. On April 7, purchased equipment on account for $45,200. 4. On April 8, returned damaged merchandise to Skysong Company and was granted a $5,800 credit for returned merchandise. 5. On April 15, paid the amount due to Skysong Company in full. Prepare the journal entries to record these transactions on the books of Sheffield Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit