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R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1   R. Crane invested $ 48,700 cash in the business. 2   Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760. 3   Purchased merchandise for $ 7,330 from J. Moskos using check no. 101. 14   Paid salary to H. Rivera $ 760 by issuing check no. 102. 16   Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585. 22   A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.

R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1   R. Crane invested $ 48,700 cash in the business. 2   Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760. 3   Purchased merchandise for $ 7,330 from J. Moskos using check no. 101. 14   Paid salary to H. Rivera $ 760 by issuing check no. 102. 16   Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585. 22   A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.

FINANCIAL ACCOUNTING
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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R. Crane Co. uses special journals and a general journal. The following transactions occurred during May 2020.

May 1   R. Crane invested $ 48,700 cash in the business.
2   Sold merchandise to Lawrie Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760.
3   Purchased merchandise for $ 7,330 from J. Moskos using check no. 101.
14   Paid salary to H. Rivera $ 760 by issuing check no. 102.
16   Sold merchandise on account to K. Stanton for $ 955, terms n/30. The cost of the merchandise sold was $ 585.
22   A check of $ 9,130 is received from M. Mangini in full for invoice 101; no discount given.
(a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) ANE CO. pts Journal CR1 Accounts Sales Other Cost of Goods Sold Receivable Revenue Accounts Dr. Cr. Cr. Cr. Inventory Cr. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
Transcribed Image Text:(a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) ANE CO. pts Journal CR1 Accounts Sales Other Cost of Goods Sold Receivable Revenue Accounts Dr. Cr. Cr. Cr. Inventory Cr. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
(a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. CRAN Cash Receip Sales Account Cash Discounts Date Credited Ref. Dr. Dr. 2020 eTextbook and Media Save for Later Attempts: 0 of 3 used Submlt Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. > > >
Transcribed Image Text:(a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. CRAN Cash Receip Sales Account Cash Discounts Date Credited Ref. Dr. Dr. 2020 eTextbook and Media Save for Later Attempts: 0 of 3 used Submlt Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. > > >
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