This information relates to Ivanhoe Co. On April 5 purchased merchandise from Newport Company for $24,000, terms 2/10,w/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Newport. 3 On April 7 purchased equipment on account for $28,000. 4. On April 8 returned some of April 5 merchandise to Newport Company which cost $2,000 5. On April 15 paid the amount due to Newport Company in full. 1. 2. Prepare the journal entries to record the transactions listed above on the books of Ivanhoe Co. Ivanhoe 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.) Date Debit Credit Account Titles and Explanation Inventory April 5 24000 Accounts Payable 24001 April 6