Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(I just need help with Part C) Prepare the journal entries to record the following transactions on Crane Companys books using a perpetual inventory system.

(I just need help with Part C)

Prepare the journal entries to record the following transactions on Crane Companys books using a perpetual inventory system.

A) On March 2, Crane Company sold $826,000 of merchandise on account to Pronghorn Company, terms 4/10, n/30. The cost of the merchandise sold was $544,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

B) On March 6, Pronghorn Company returned $82,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

C) On March 12, Crane Company received the balance due from Pronghorn Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account titles& Explanation Debit credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 7 - Cash Versus Accrual

Authors: Kate Mooney

1st Edition

0071719296, 9780071719292

More Books

Students also viewed these Accounting questions

Question

Did you open with an issue explanation?

Answered: 1 week ago