Question 4 of 27 - / 13 View Policies Current Attempt in Progress This information relates to Crane Co. 1. 2. 3. On April 5 purchased merchandise from Newport Company for $25,000, terms 2/10, 1/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Newport. On April 7 purchased equipment on account for $30,000 On April 8 returned some of April 5 merchandise to Newport Company which cost $2,000. On April 15 paid the amount due to Newport Company in full. 4. 5. Prepare the journal entries to record the transactions listed above on the books of Crane Co. Crane Co. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.) Prepare the journal entries to record the transactions listed above on the books of Crane Co. Crane Couses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Assume that Crane Co. paid the balance due to Newport Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation May 4 Credit