Crane Market recorded the following events involving a recent purchase of inventory: Received goods for $84200, terms 2/11, n/30. Returned $1300 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $81242. increased by $81928. increased by $83600. increased by $81942.

Crane Market recorded the following events involving a recent purchase of inventory: Received goods for $84200, terms 2/11, n/30. Returned $1300 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $81242. increased by $81928. increased by $83600. increased by $81942.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 15EB: Tanke Company reported net income on the year-end financial statements of $850,200. However, errors...

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Question

Answer the questions ASAP.

Crane Market recorded the following events involving a recent purchase of inventory:
Received goods for $84200, terms 2/11, n/30.
Returned $1300 of the shipment for credit.
Paid $700 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's inventory
increased by $81242.
increased by $81928.
increased by $83600.
increased by $81942.

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Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
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