Question: E5-1 Journalize purchase transactions. (LO 2), AP This information relates to Rice Co. .1.0n April 5, purchased merchandise from Jax Com- pany for $28,000, terms

E5-1 Journalize purchase transactions. (LO 2), AP This information relates to

E5-1 Journalize purchase transactions. (LO 2), AP This information relates to Rice Co. .1.0n April 5, purchased merchandise from Jax Com- pany for $28,000, terms 2/10, n/30. 2.0n April 6, paid freight costs of $700 on merchandise purchased from Jax. . 3.0n April 7, purchased equipment on account for $30,000. 4.0n April 8, returned $3,600 of April 5 merchandise to Jax Company. 5.0n April 15, paid the amount due to Jax Company in Instructions Prepare the journal entries to record the transactions listed above on Rice Co.'s books. Rice Co. uses a perpet- ual inventory system. Assume that Rice Co. paid the balance due to Jax Com- pany on May 4 instead of April 15. Prepare the journal entry to record this payment

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