Information related to Steffens Co. is presented below.
1. On April 5, purchased merchandise from Bryant Company for $43,300 terms 2/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $1,059 on merchandise purchased from Bryant.
3. On April 7, purchased equipment on account for $31,690.
4. On April 8, returned damaged merchandise to Bryant Company and was granted a $5,700 credit for returned
merchandise.
5. On April 15, paid the amount due to Bryant Company in full
Instructions:
(a) Prepare the journal entries to record these transactions on the books of Steffens Co. under a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest e.g., 10, 5, 3, 2.)
(b) Assume that Steffens Co. paid the balance due to Bryant Company on May 4 instead of April 15. Prepare the journal entry to record this payment.