1) Prepare the journal entries to record the following purchase transactions in Crane Company's books. Crane uses a perpetual inventory system.

Mar. 12 Crane purchased $24,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination.

13 The correct company paid freight costs of $185.

14 Crane returned $1,700 of the merchandise purchased on March 12 because it was damaged.

21 Crane paid the balance owing to Dalibor.

( Record journal entries in the order presented in the problem.)

2) Prepare journal entries to record the following sales transactions in Sunland Company's books. Sunland uses a perpetual inventory system.

Jan. 2 Sunland sold $20,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $7,900.

Jan.4 The correct company paid freight costs of $155.

Jan.6 Xiaoyan returned $1,100 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $433, and it was restored to inventory.

Feb. 1 Sunland received the balance due from Xiaoyan.

Record journal entries in the order presented in the problem. A.(TO RECORD SALES) B. (TO RECORD COST) C. (TO RECORD CREDIT GRANTED FOR RETURNED GOODS) D. (TO RECORD THE COST OF THE RETURN)

3)resented below is information related to Crane Company, owned by D. Flamont, for the month of January 2017.

Ending inventory per perpetual records=$21,900 Insurance expense=$11,700 Ending inventory actually on hand=18,600

Rent expense=20,500 Cost of goods sold=209,000 Salaries expense=56,200 Freight out=7,200 Sales discounts=9,500 Sales returns and allowances=12,600 Sales=383,000

Prepare the necessary adjusting entry for inventory.

Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January.

(To close income statement account with credit balances) .

(To close income statement accounts with debit balances) .

(To close income summary)

4) Ayayai Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Ayayai Warehouse uses a perpetual inventory system and at the end of June its inventory consisted of 25 suitcases purchased at $30 each. During the month of July, the following merchandising transactions occurred:

July 1 Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms n/30, FOB destination.

2 The correct company paid $130 freight on the July 1 purchase.

4 Received $150 credit for five suitcases returned to Trunk Manufacturers because they were damaged.

10 Sold 45 suitcases that cost $30 each to Satchel World for $65 each on account.

12 Issued a $325 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to inventory.

15 Purchased 60 additional suitcases from Trunk Manufacturers for $25.50 each, terms n/30, FOB shipping point.

18 The company paid $150 freight on the July 15 purchase.

21 Sold 30 suitcases that cost $30 each to Fly-By-Night for $65 each on account.

23 Gave Fly-By-Night a $130 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers.

30 Paid Trunk Manufacturers for the July 1 purchase.

31 Received balance owing from Satchel World.

A) Record the transactions for the month of July for Ayayai Warehouse.

(To record sales)

(To record cost)

(To record credit granted for returned goods)

(To record the cost of the return)

(To record sales)

(To record cost)

B) Create a T account for Merchandise Inventory. Post the opening balance and July's transactions, and calculate the July 31 balance.

C) Determine the number of suitcases on hand at the end of the month by calculating the average cost per suitcase of the inventory on hand.