Current Attempt in Progress

Crane Company buys merchandise on account from Blue Company. The selling price of the goods is $$1,500,$ and the cost of the goods is $$1,180.$ Both companies use perpetual inventory systems.

Joumalize the transaction on the books of both companies. $($Uist 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 tities and enter O for the amounts.$]$

Account Titles and Explanation

Debit

Credit

Crane Company.

$($To record credit purchase of inventory$)$

Blue Company.

$($To record credit sale$)$

$($To record cost of merchandise sold$)$

eTextbook and Media

Assistance Used