This information relates to Larkspur Co. 1. 2. 3. On April 5, purchased merchandise from Crane Company for $28,000, terms 4/10,n/30. On April 6, paid freight costs of $600 on merchandise purchased from Crane. On April 7, purchased equipment on account for $31,700. On April 8, returned $5,100 of April 5 merchandise to Crane Company. On April 15, paid the amount due to Crane Company in full. 4. 5. (a) Prepare the journal entries to record the transactions listed above on Larkspur Co's books, Larkspur Co. uses a perpetual 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.) Debit Credit No. Date Account Titles and Explanation 28,000 1. April 5 Inventory 280 Accounts Payable 600 2. April 6 Inventory Cash 31.700 3. April 7. Equipment 317 Accounts Payable 5.100 4. April Accounts Payable Prepare the journal entries to record the transactions listed above on Larkspur Co's books. Larkspur Co. uses a perpetual 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.) Debit Credit Date Account Titles and Explanation 28,000 April 54 Inventory 28,000 Accounts Payable 600 April 6 Inventory 600 Cash 31,700 April 7 Equipment 31.700 Accounts Payable 5,100 April Accounts Payable 5.100 22.900 April 15 : Inventory 22.900 Accounts Payable (b) Assume that Larkspur 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 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 4 Accounts Payable Freight-in eTextbook and Media List of Accounts