Exercise 5-02 Your answer is partially correct. Try again This information relates to Metlock Co. 1 On April 5, purchased merchandise from Ivanhoe Company for $26,200, terms 1/10, 1/30 2 On April 6, paid freight costs of $540 on merchandise purchased from Ivanhoe 3. On April 7, purchased equipment on account for $30,500 4 On April Bretumed $3,900 of April merchandise to Ivanhoe Company On April 15, paid the amount due to Ivanhoe Company in . (a) Prepare the journal entries to record the transactions listed above on Metlock Co.'s books, Metlock Couses a perpetual Inventory system. (Ir ne entry is required, select "No Entry for the account titles and enter for the amount Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit No. Date Account Titles and Explanation Debit M 26200 1. April 5 Inventory 26200 Accounts Payable 540 2. April 6 Inventory > 540 Cash 30500 3. April 7 Equipment 30500 Accounts Payable 3900 4. April 8 Accounts Payable 3900 Inventory 15 22300 5. April 15 Accounts Payable 25676 Cash 524 Inventory (b) Assume that Matlock Co. pad the balance due to Ivanhoe Campany on May instead of Apni 1. Prepare the journal entry to record the 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 ante. Do not indent manually) Date Account Titles and Explanation Debit Credit Mary 4 Accounts Payable 26200 o ly Cash 26200 SHOW LIST OF ACCOUNTS