Crane Retail Corporation purchases $470 of merchandise on credit. Using the periodic inventory system, Crane would record thistransaction as:Accounts PayablePurchasesPurchasesAccounts PayableAccounts PayableInventoryInventoryAccounts Payable470470470470470470470470 Crane Wholesale Supply Corporation recorded the return of $270 of goods originally sold on credit to Discount Industries. Using theperiodic inventory system, Crane would record this transaction as:Sales Returns and AllowancesAccounts ReceivableAccounts ReceivableSales Returns and AllowancesAccounts PayableSales Returns and AllowancesInventoryAccounts Receivable270270270270270270270270

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Description: Crane Retail Corporation purchases $470 of merchandise on credit. Using the periodic inventory system, Crane would record thistransaction as:Accounts PayablePurchasesPurchasesAccounts PayableAccounts PayableInventoryInventoryAccounts Payable47047047

Lets understand the basics. There are two inventory methods are generally followed which are, (1)…

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Crane Retail Corporation purchases $470 of merchandise on credit. Using the periodic inventory system, Crane would record this transaction as: Accounts Payable Purchases O Purchases Accounts Payable Accounts Payable Inventory Inventory Accounts Payable 470 470 470 470 470 470 470 470

Crane Retail Corporation purchases $470 of merchandise on credit. Using the periodic inventory system, Crane would record this transaction as: Accounts Payable Purchases O Purchases Accounts Payable Accounts Payable Inventory Inventory Accounts Payable 470 470 470 470 470 470 470 470

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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please enter the journal entries
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