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Information related to Crane Co, is presented below. 1. On April 8, returned damaged merchandise to Blue Company and was granted a $4,900 credit for
Information related to Crane Co, is presented below. 1. On April 8, returned damaged merchandise to Blue Company and was granted a $4,900 credit for returned merchandise. 2. On April 15, paid the amount due to Blue Company in full. (Note: On April 5, purchased merchandise from Blue Company for $38,000, terms 2/10, net/30, FOB shipping point.) (a) Prepare the journal entries to record these transactions on the books of Crane Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually
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