Question
Current Attempt in Progress Use a tabular summary to record the following transactions for Crane Company using a perpetual inventory system. Include margin explanations for
Current Attempt in Progress
Use a tabular summary to record the following transactions for Crane Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.
| (a) | On March 2, Crane Company sold $832,000 of merchandise to Sheridan Company on account. The cost of the merchandise sold was $561,600. | |
| (b) | On March 6, Sheridan Company returned $145,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $97,760. | |
| (c) | On March 12, Crane Company received the balance due from Sheridan Company. |
(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| Assets | = | Liabilities | + | Stockholders' Equity | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Retained Earnings | |||||||||||||||||||
| Cash | + | Accts. Rec. | + | Inv. | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | |||||||
| a) | Mar. | 2 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | select an account title Sales revenueSales returns & allowancesCost of goods soldBad debt expenseAccounts receivable | |||||||||
| enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Accounts receivableSales returns & allowancesSales revenueCost of goods soldBad debt expense | ||||||||||||
| b) | 6 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Sales revenueCost of goods soldAccounts receivableSales returns & allowancesBad debt expense | ||||||||||
| enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Sales returns & allowancesBad debt expenseSales revenueAccounts receivableCost of goods sold | ||||||||||||
| c) | 12 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Sales returns & allowancesAccounts receivableCost of goods soldBad debt expenseSales revenue | ||||||||||
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Cost Benefit Analysis With Reference To Environment And Ecology
Authors: James H. Meisel, K. Puttaswamaiah
1st Edition
1138521329, 978-1138521322
