Weygandt, Financial and Managerial, 3e Financial a ATOR MESSAGE HY NSTRUCTOR , Exercise 5-20 a-b (Video) This information relates to Rana Co. 1. On April 5, purchased merchandise on account from Craig Company for $25,000, terms 2/10, net/30, FOB shipping point. 2. On Apri 6, paid freight costs of $900 on merchandise purchased from Craig Company 3. On April 7, purchased equiptment on account for $30,000. 4. On April 8, returned some of April 5 merchandise, which cost $2,800, to Craig Company. 5. On April 15, paid the amount due to Craig Company in full. Prepare the journdl entries to record these transactions on the books of Rana Co. using a peniodic inventory system. (Credit account titles are automatically indente manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. 2. 3. search