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], []]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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], []]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2bea112a-27e0-49e0-84b1-2730729c1fe5%2Fd356eeea-fefe-43b7-9f54-a1215401512f%2Ftjqp4dm_processed.png&w=3840&q=75)
Transcribed Image Text: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], []]
![Date
March 2
March 6
March 12
Account Titles and Explanation
Inventory
Debit
901300
Credit
901300
2000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2bea112a-27e0-49e0-84b1-2730729c1fe5%2Fd356eeea-fefe-43b7-9f54-a1215401512f%2Fpptf30b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Date
March 2
March 6
March 12
Account Titles and Explanation
Inventory
Debit
901300
Credit
901300
2000
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