Prepare the journal entries to record the following transactions on Crane Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) On March 2, Larkspur Company 3 sold $901, 300 of merchandise to Crane Company on account, terms n/30. 10' The cost of the merchandise sold was $559,000. (b) On March 6, Crane Company returned $117,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800. (C) On March 12, Larkspur Company received the balance due from Crane Company. Date Account Titles and Explanation Debit Credit 901300 Inventory \table [[901300], []]

Prepare the journal entries to record the following transactions on Crane Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) On March 2, Larkspur Company 3 sold $901, 300 of merchandise to Crane Company on account, terms n/30. 10' The cost of the merchandise sold was $559,000. (b) On March 6, Crane Company returned $117,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800. (C) On March 12, Larkspur Company received the balance due from Crane Company. Date Account Titles and Explanation Debit Credit 901300 Inventory \table [[901300], []]

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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