Crane Company buys merchandise on account from Pronghorn Company The selling price of the goods is $1,350, and the cost of the goods is $940 Both companies use perpetual inventory systems Journalize the transaction on the books of both companies (List all debit entries before credit entries Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter O for the amounts ) 4 Account Titles and Explanation Crane Company (To record credit purchase of inventory) Pronghorn Company (To record credit sale) (To record cost of merchandise sold) Debit Credit IN Crane Company burs merchandise on account from Pronghorn Company The selling price of the goods is $1,350, and the cost of the coods ts $4 0, Doth compantes use perpetasilinentory systems Journalize the transaction on the books of both companies (List all debit entries before credit entries Credit occount titles are automatically indented when amount is entered Do not indent manualik If no entry is required, select No Entry for the occount titles and enter Ofor the amounts

Question

Crane Company buys merchandise on account from Pronghorn Company  The selling price of the goods is $1,350, and the cost of the goods is $940  Both companies use perpetual inventory systems  Journalize the transaction on the books of both companies  (List all debit entries before credit entries  Credit account titles are automatically indented when amount is entered  Do not indent manually  If no entry is required, select  No Entry  for the account titles and enter O for the amounts ) 4 Account Titles and Explanation Crane Company  (To record credit purchase of inventory) Pronghorn Company (To record credit sale) (To record cost of merchandise sold) Debit Credit IN Crane Company burs merchandise on account from Pronghorn Company  The selling price of the goods is $1,350, and the cost of the coods ts $4 0, Doth compantes use perpetasilinentory systems  Journalize the transaction on the books of both companies  (List all debit entries before credit entries  Credit occount titles are automatically indented when amount is entered  Do not indent manualik  If no entry is required, select  No Entry  for the occount titles and enter Ofor the amounts

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Crane Company buys merchandise on account from Pronghorn Company. The selling price of the goods is $1,350, and the cost of the goods is $940.

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