ACCT2110 Financial Statement Homework Problem 1. This information relates to Sherper Co. 1. On April 5 purchased merchandise from Newport Company for $22,000, termis 2. On April 6 paid freight costs of $900 on mercha 3. On April 7 purchased equipment on account for $26,000. l Accounting Chapter Five Merchandising Operations and the Multiple-Step Income ccountin 0, n/30 ndise purchased from Newport. 4. On April 8 returned some of April 5 merchandise to Newport Company which co 5. On April 15 paid the amount due to Newport Company in full. Instructions perpetual inventory System. journal entry to record this payment. are the journal entries to record the transactions listed above on the books of Sherper Co. Sherper Co. uses a ssume that Sherper Co. paid the balance due to Newport Company on May 4 instead of April 15. Prepare the