Current Attempt in Progress Crane Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Sarasota Ltd. for $33,000, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $800 on the merchandise purchased on April 3, Purchased supplies on account for $4,200. Returned merchandise to Sarasota and received a credit of $3,700. The merchandise was returned to inventory for future resale. 30 Paid the amount due to Sarasota in full. 2 3. 6 7 Additional information: 1. 8 Date The cost of the merchandise sold on April 3 was $22,500. The cost of the merchandise returned on April 8 was $2,390. Sarasota uses a perpetual inventory system. Record the transactions in the books of Sarasota. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) : Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) (To record return of goods) (To record cost of merchandise returned) Debit Credit
Current Attempt in Progress Crane Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Sarasota Ltd. for $33,000, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $800 on the merchandise purchased on April 3, Purchased supplies on account for $4,200. Returned merchandise to Sarasota and received a credit of $3,700. The merchandise was returned to inventory for future resale. 30 Paid the amount due to Sarasota in full. 2 3. 6 7 Additional information: 1. 8 Date The cost of the merchandise sold on April 3 was $22,500. The cost of the merchandise returned on April 8 was $2,390. Sarasota uses a perpetual inventory system. Record the transactions in the books of Sarasota. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) : Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) (To record return of goods) (To record cost of merchandise returned) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Crane Corp, uses a perpetual inventory system. The company had the following inventory transactions in April:
April
2
3.
3 Purchased merchandise from Sarasota Ltd. for $33,000, terms 2/10, n/30, FOB shipping point.
The appropriate company paid freight costs of $800 on the merchandise purchased on April 3,
Purchased supplies on account for $4,200.
Returned merchandise to Sarasota and received a credit of $3,700. The merchandise was returned to inventory for
future resale.
30 Paid the amount due to Sarasota in full.
6
Additional information:
1.
7
Date
8
The cost of the merchandise sold on April 3 was $22,500.
The cost of the merchandise returned on April 8 was $2,390.
Sarasota uses a perpetual inventory system.
Record the transactions in the books of Sarasota. (Credit account titles are automatically indented when the amount is entered.
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record
journal entries in the order presented in the problem. List all debit entries before credit entries.)
:
Account Titles and Explanation
(To record credit sale)
(To record cost of merchandise sold)
(To record return of goods)
(To record cost of merchandise returned)
Debit
Credit
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