Presented below are transactions related to Crane Company. 1. On December 3, Crane Company sold $ 668,300 of merchandise on account to Pronghorn Co., terms 2/10, n/30, FOB destination. Crane paid $ 440 for freight charges. The cost of the merchandise sold was $ 371,500. 2. On December 8, Pronghorn Co. was granted an allowance of $ 26,700 for merchandise purchased on December 3. 3. On December 13, Crane Company received the balance due from Pronghorn Co. (a) Prepare the journal entries to record these transactions on the books of Crane Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) choose a transaction date enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) choose a transaction date enter an account title to record freight charges enter a debit amount enter a credit amount enter an account title to record freight charges enter a debit amount enter a credit amount (To record freight charges) 2. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Assume that Crane Company received the balance due from Pronghorn Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media

Presented below are transactions related to Crane Company. 1. On December 3, Crane Company sold $ 668,300 of merchandise on account to Pronghorn Co., terms 2/10, n/30, FOB destination. Crane paid $ 440 for freight charges. The cost of the merchandise sold was $ 371,500. 2. On December 8, Pronghorn Co. was granted an allowance of $ 26,700 for merchandise purchased on December 3. 3. On December 13, Crane Company received the balance due from Pronghorn Co. (a) Prepare the journal entries to record these transactions on the books of Crane Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) choose a transaction date enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) choose a transaction date enter an account title to record freight charges enter a debit amount enter a credit amount enter an account title to record freight charges enter a debit amount enter a credit amount (To record freight charges) 2. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Assume that Crane Company received the balance due from Pronghorn Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

(a)

Prepare the journal entries to record these transactions on the books of Crane Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	choose a transaction date

enter an account title to record credit sale	enter a debit amount	enter a credit amount
	enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record credit sale)
choose a transaction date

enter an account title to record cost of merchandise sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of merchandise sold	enter a debit amount	enter a credit amount
	(To record cost of merchandise sold)
choose a transaction date

choose a transaction date
enter an account title to record freight charges	enter a debit amount	enter a credit amount
	enter an account title to record freight charges	enter a debit amount	enter a credit amount
	(To record freight charges)

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

eTextbook and Media

List of Accounts

Attempts: 0 of 3 used

(b)

Assume that Crane Company received the balance due from Pronghorn Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date

	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

1.		On December 3, Crane Company sold $ 668,300 of merchandise on account to Pronghorn Co., terms 2/10, n/30, FOB destination. Crane paid $ 440 for freight charges. The cost of the merchandise sold was $ 371,500.
2.		On December 8, Pronghorn Co. was granted an allowance of $ 26,700 for merchandise purchased on December 3.
3.		On December 13, Crane Company received the balance due from Pronghorn Co.