This information relates to Woodward Co.1. On April 5, purchased merchandise from Cozart Company for $27,000, terms 2/10, n/30.2. On April 6, paid freight costs of $1,200 on merchandise purchased from Cozart Company.3. On April 7, purchased equipment on account for $30,000.4. On April 8, returned some of the April 5 merchandise to Cozart Company, which cost $3,600.5. On April 15, paid the amount due to Cozart Company in full.Instructions(a) Prepare the journal entries to record these transactions on the books of Woodward Co. using a periodic inventory system.(b) Assume that Woodward Co. paid the balance due to Cozart Company on May 4 instead of April 15. Prepare the journal entry to record this payment.View Solution:
This information relates to Woodward Co 1 On April 5

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