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Current Attempt in Progress Described below are certain transactions of Crane Corporation. The company uses the periodic inventory system. On February 2 , the corporation

Current Attempt in Progress
Described below are certain transactions of Crane Corporation. The company uses the periodic inventory system.
On February 2, the corporation purchased goods from Nash Company for $76,700 subject to cash discount terms of 210,
n30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was
paid on February 26.
On April 1, the corporation bought a truck for $49,000 from Cullumber Motors Company, paying $3,000 in cash and signing a
1-year, 10% note for the balance of the purchase price.
On May 1, the corporation borrowed $78,300 from Chicago National Bank by signing a $87,420 zero-interest-bearing note
due 1 year from May 1.
(a)
Your answer is partially correct.
Make all the journal entries necessary to record the transactions above using appropriate dates. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries
before credit entries.)
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