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Crane Company buys merchandise on account from Sheridan Company. The selling price of the goods is $1,350 and the cost of the goods sold is
Crane Company buys merchandise on account from Sheridan Company. The selling price of the goods is $1,350 and the cost of the goods sold is $655. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (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.)
| Account Titles and Explanation | Debit | Credit |
| Crane Company | ||
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| Sheridan Company | ||
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| (To record sale of merchandise) | ||
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| Click if you would like to Show Work for this question: | Open Show Work
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