Brief Exercise 7-02 Your answer is partially correct. Try again. Crane Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $41,000 with terms 3/15, n/45. On June 12, 2020, Crane received full payment for the June 1 sale. Prepare the required journal entries for Crane Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 1 Accounts Receivable 41000 Sales Revenue 41000 > June 12 V Cash 34850 Sales Discounts 6150 X Accounts Receivable 34850 Brief Exercise 7-03 Marin Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of $54,300 with terms 3/15, n/45. On June 12, 2020, Marin received full payment for the June 1 sale. Prepare the required journal entries for Marin Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Question Attempts: 0 of 10 used SAVE FOR LATER SUBMIT ANSWER Brief Exercise 7-04 Pearl Company sold $8,780 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Pearl makes the sale. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) Pearl grants an allowance of $722 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (If no entry is required, select "No Entry" for the account tities and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (c) at year-end. Pearl estimates that an additional $215 in allowances will be granted to Elkins. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit