Exercise 5-1 This information relates to Crane Co.. 1. On April 5, purchased merchandise from Sheridan Company for $26,000, terms 3/10, n/30. 2. On April 6, paid freight costs of $520 on merchandise purchased from Sheridan Company. 3. On April 7, purchased equipment on account for $31,400. 4. On April 8, returned $4,100 of April 5 merchandise to Sheridan Company. 5. On April 15, paid the amount due to Sheridan Company in full. (a) Prepare the journal entries to record the transactions listed above on Crane Co.'s books. Crane Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. (b) Assume that Crane Co. paid the balance due to Sheridan Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit