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Crane Company uses the perpetual method a sales Journal, a cash receipts journal and a general journal to record transactions with its customers. The cost
Crane Company uses the perpetual method a sales Journal, a cash receipts journal and a general journal to record transactions with its customers. The cost of all merchandise sold was 65% of the sales price. July 2 July 5 July 8 July 10 Sold merchandise for $18,100 to M Jordan on account Credit terms 1/10, 1/30. Sales invoice No. 100, Received a check for $1,400 (no discount) from K. Bryant in payment of his account Sold merchandise to S. O'Neal for $1,000 cash. Received a check in payment of Sales invoice No 100 from M. Jordan less the 1% discount Sold merchandise for $7.100 to K. Jabbar on account. Credit terms 1/10, 1/30. Sales invoice No. 101. Borrowed $15,100 cash from Pacific Bank signing a 6-month. 10% note. Sold merchandise for 512.100 to J. West on account. Credit terms 1/10,1/30. Sales invoice No. 102 Issued a credit (reduction) of $860 to J. West as an allowance for damaged merchandise previously sold on account July 15 July 18 July 20 July 25 July 31 Received a check from K Jabbar for $5,600 as partial payment on account Record the above transactions in the appropriate journals. (Record entries in the order displayed in the problem statement.) CRANE COMPANY Sales Journal S1 Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Date Account Debited Invoice No. Ref. (Record journal entries in the order presented in the problem. List all debit entries before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Tities and Explanation Debit Credit (Do not leave any answer field blank, Enter for amounts.) CRANE COMPANY Cash Receipts Journal Accounts Receiva Cr. Date Account Credited Ref. Cash Dr. Sales Discounts Dr
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