E5 - E5-3 This information relates to Prophet Co 1 2 3 4 5...

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E5-3 This information relates to Prophet Co. 1. On April 5 purch Lombard Compa 2/10, n/30. 2. On April 6 paid freight costs of $900 on merchandise purc 3. On April 7 purchased equipment on account for $30,000. 4. On April 8 returned some of April 5 merchandise to Lomb $3,600. 5. On April 15 paid the amount due to Lombard Company in Hint: Journalize purchase transactions. (SO 2 ) Instructions (a) Prepare the journal entries to record the transactions listed a Co. Prophet Co. uses a perpetual inventory system. (b) Assume that Prophet Co. paid the balance due to Lombard C April 15. Prepare the journal entry to record this payment.
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