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Problem #2: This information relates to Barley Co. 1. On May 2, purchased merchandise on...

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Accounting

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Problem #2: This information relates to Barley Co. 1. On May 2, purchased merchandise on account from Rock Company for $38,000, terms 2/10,n/30. 2. On May 3, paid freight costs of $900 on merchandise purchased from Rock 3. On May 5, purchased equipment on account for $25,000. 4. On May 8, returned $3,200 of May 2 merchandise to Rock Company. 5. On May 11, paid the amount due to Rock Company in full Required: a. Prepare the journal entries to record the transactions listed above on Barley Co.'s books. Barley Co, uses a perpetual inventory system b. Assume that Barley Co. paid the balance due to Rock Company on May 30 instead of May 11. Prepare the journal entry to record this payment. a. Date Accounts Debit Credit 1 2 3 4 5 b. b. Date Accounts Debit Credit 5

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