Exercise 6-2 The following transactions are for Crane Company 1. On December 3, Crane Company sold $513,500 of merchandise to Sheridan Co. on account. The cost of the merchandise sold was $318,300 2. On December 8, Sheridan Co. returned $24,700 of merchandise purchased on December 3. The cost of the goods was $16,000 3. On December 13, Crane Company received the balance due from Sheridan Co Prepare a tabular summary to record these transactions for Crane Company using a perpetual inventory system. (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 Common Cash Accts. Pay.+Stock + Accts. Rec. + Inv Rev Exp Dec. 3 Sales revenue Accounts recevable Cost of goods sold Bad debt expense Sales returns & allowances 8 13