Current Attempt in Progress The following merchandise transactions occurred in December. Both companies use a perpetual inventory system Dec 3 Crane Company sold merchandise to Thomas Co, for $39,000, terms 2/10, 1/30. FOB destination. This merchandise cost Crane Company $18,000. 4 The correct company paid freight charges of $825. Thomas Co. returned unwanted merchandise to Crane. The returned merchandise had a sales price of $2,000 and a cost of $990. It was restored to inventory 13 Crane Company received the balance due from Thomas Co. 8 Prepare the journal entries to record these transactions on the books of Crane Company. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and entero for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales on account.) Date Account Titles and Explanation Debit Credit (To record sales on account.) (To record cost of goods sold.) (Cash payment for freight costs.) (To record credit for goods returned) (To record cost of goods returned.) (To record credit for goods returned.) > (To record cost of goods returned.) Dec 13 (Collection on account Prepare the journal entries to record these transactions on the books of Thomas Co. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem) non Recolendentis in Date Account Titles and Explanation Debit Credit for the amounts Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record purchase return) (Payment on account.) Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6,000, determine the balance in the Merchandise Inventory account at the end of December for Thomas Co. (Post entries in the order of journal entries presented in the previous part) Merchandise Inventory Save for Later Attempts: 0 of 1 used Submit