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July 1 Sold $83,400 of computers to Pronghorn Corp., terms 3/15, n/30. 5 Pronghorn Corp. returned for full credit one computer with an invoice price
July 1 | Sold $83,400 of computers to Pronghorn Corp., terms 3/15, n/30. | |
5 | Pronghorn Corp. returned for full credit one computer with an invoice price of $6,300. | |
10 | Crane received payment from Pronghorn for the full amount owed from the July transactions. | |
17 | Sold $156,200 in computers and peripherals to Nawaz Store, terms 3/10, n/30. | |
26 | Nawaz Store paid Crane for half of its July purchases. | |
Aug. 30 | Nawaz Store paid Crane for the remaining half of its July purchases. |
QUESTION: Prepare the entries for Crane Company, assuming the net method is used to record sales and cash discounts.
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