1. Exercise 5-02 a-b (Part Level Submission) Information related to Larkspur, Inc. is presented below....
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1. Exercise 5-02 a-b (Part Level Submission) Information related to Larkspur, Inc. is presented below. On April 5, purchased merchandise on account from Novak Company for $28,800, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $810 on merchandise purchased from Novak. On April 7, purchased equipment on account for $45,800. On April 8, returned damaged merchandise to Novak Company and was granted a $7,000 credit for returned merchandise. On April 15, paid the amount due to Novak Company in full. 2. 3. 5. Prepare the journal entries to record these transactions on the books of Larkspur, Inc. under a perpetual inventory system. (Credit account titles are automatically entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit No. Date Credit 1. 2. V 3. 4. 5
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