The following transactions are for Larkspur Company. On December 3, Larkspur Company sold $512,700 of merchandise to Crane Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $321,500. 1. 2. On December 8, Crane Co. was granted an allowance of $26,000 for merchandise purchased on December 3. 3. On December 13, Larkspur Company received the balance due from Crane Co. (a) Prepare the journal entries to record these transactions on the books of Larkspur. Larkspur uses 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.) No. Date Account Titles and Explanation Debit Credit 1. (To record sale of merchandise on account)

The following transactions are for Larkspur Company. On December 3, Larkspur Company sold $512,700 of merchandise to Crane Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $321,500. 1. 2. On December 8, Crane Co. was granted an allowance of $26,000 for merchandise purchased on December 3. 3. On December 13, Larkspur Company received the balance due from Crane Co. (a) Prepare the journal entries to record these transactions on the books of Larkspur. Larkspur uses 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.) No. Date Account Titles and Explanation Debit Credit 1. (To record sale of merchandise on account)

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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