presented below is information related to lor co. 1. on

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presented below is information related to lor co.1. on april 5, purchased merchandise from garcia company for $19,000, terms 2/10, net/30, fob shipping point.2. on april 6, paid freight costs of $800 on merchandise purchased from garcia.3. on april 7, purchased equipment on account from holifield mfg. co. for $23,000.4. on april 8, returned merchandise, which cost $4,000, to garcia company.5. on april 15, paid the amount due to garcia company in full.instructions(a) prepare the journal entries to record the preceding transactions on the books of lor co. using a periodic inventory system.(b) assume that lor co. paid the balance due to garcia company on may 4 instead of april 15. prepare the journal entry to record this payment.
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