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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 the corporation purchased goods from Nash Company for $ subject to cash discount terms of
Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was
paid on February
On April the corporation bought a truck for $ from Cullumber Motors Company, paying $ in cash and signing a
year, note for the balance of the purchase price.
On May the corporation borrowed $ from Chicago National Bank by signing a $ zerointerestbearing note
due year from May
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 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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