Wed 9: e Exercise 5-1 Exercise 5-1 This information relates to Rice Co.. 1. On April 5, purchased merchandise from Jax Company for $28,000, terms 2/10, n/30. 2. On April 6, paid freight costs of $700 on merchandise purchased from Jax Company 3. On April 7, purchased equipment on account for $30,000. 4. On April 8, returned $3,600 of April 5 merchandise to Jax Company. 5. On April 15, paid the amount due to Jax Company in full. Prepare the journal entries to record the transactions listed above on Rice Co.'s books. Rice 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 accoun t 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 1. Debit Credit 2. 3. 4. entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically Indented when amount is entered. Do not Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation