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Crane Company records purchases at net amounts. On May 5 Crane purchased merchandise on account, $70000, terms 2/10 Crane returned $5000 of the May 5
Crane Company records purchases at net amounts. On May 5 Crane purchased merchandise on account, $70000, terms 2/10 Crane returned $5000 of the May 5 purchase and received credit on account. At May 31 the balance had not been paid. By how much should the account payable be adjusted on May 31? $0. $1500. $1400. $1300
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