R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020.May 1 R. Crane invested $ 48,700 cash in the business.2 Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760.3 Purchased merchandise for $ 7,330 from J. Moskos using check no. 101.14 Paid salary to H. Rivera $ 760 by issuing check no. 102.16 Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585.22 A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.(a)Your AnswerCorrect AnswerCorrect answer iconYour answer is correct.Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.)R. CRANE CO.Cash Receipts Journal CR1Date AccountCredited Ref.CashDr. SalesDiscountsDr. AccountsReceivableCr. SalesRevenueCr. OtherAccountsCr. Cost of Goods SoldDr.Inventory Cr.2020 Choose a transaction date Select an account title Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amountChoose a transaction date Select an account title Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amountChoose a transaction date Select an account title Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a total amount for this column Enter a total amount for this column Enter a total amount for this column (b)Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized. (Record entriesin the order presented in the problem statement.)R. CRANECO.Cash Payments JournalDateCk. No.Account DebitedRef.Other Accounts Dr.Accounts Pa2020eTextbook and MediaSave for LaterAttempts: 0 of 3 usedSubmit Answer> R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020.MayR. Crane invested S 48,700 cash in the business.Sold merchandise to Lawrie Co. for $ 6.290 cash. The cost of the merchandise sold was $ 4.760.3Purchased merchandise for $ 7,330 from J. Moskos using check no. 101.14Paid salary to H. Rivera $ 760 by issuing check no. 102.16Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585.22Acheck of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.(a)Your AnswerCorrect AnswerYour answer is correct.Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries inthe order presented in the problem statement.)CashSalesAccountCashDiscountsDateCreditedRef.Dr.Dr.2020May 1Owner's Capltal48700May 2Lawrle Co.6290May 22M. Manginl913064120eTextbook and MediaAttempts: 3 of 3 used

When an entity receives cash from an external source, such as a client, an investor, or a bank, it…

Answered: Co. for $ 6,290 cash. The cost of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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May 1		R. Crane invested $ 48,700 cash in the business.
2		Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760.
3		Purchased merchandise for $ 7,330 from J. Moskos using check no. 101.
14		Paid salary to H. Rivera $ 760 by issuing check no. 102.
16		Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585.
22		A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.

(a)

Your Answer
Correct Answer

Correct answer icon

Your answer is correct.

Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.)

R. CRANE CO. Cash Receipts Journal
							CR1
Date	Account Credited	Ref.	Cash Dr.	Sales Discounts Dr.	Accounts Receivable Cr.	Sales Revenue Cr.	Other Accounts Cr.	Cost of Goods Sold Dr. Inventory Cr.
2020
Choose a transaction date	Select an account title		Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount
Choose a transaction date	Select an account title		Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount
Choose a transaction date	Select an account title		Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount	Enter a dollar amount
			Enter a total amount for this column	Enter a total amount for this column	Enter a total amount for this column