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June 4 Crane Company purchased $9,360 worth of merchandise, on account from Hayes Company. The cost of the merchandise was $6,552. 12 Crane returned $520

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June 4 Crane Company purchased $9,360 worth of merchandise, on account from Hayes Company. The cost of the merchandise was $6,552. 12 Crane returned $520 worth of goods to Hayes. The goods had a cost of $364 to Hayes. 12 Crane paid the account in full. Assume use of the perpetual inventory system for both companies. (b) Prepare separate tabular summaries to record these transactions in Hayes's records. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Assets Liabilit Cash Accounts Receivable Inventory Accounts F June 4 S 12 12 Save for Later Attempts: 0 of 2 used Submit Answer View Policies Current Attempt in Progress On December 7, Sheridan Company purchased merchandise inventory with an invoice price of $13000 and credit terms of 2/10, r/30 from Singing River Inc. On December 12, Singing River granted a $2280 allowance because some of the goods did not meet product specification. Sheridan paid the account in full on December 16. In the tabular analysis that follows, the purchase is recorded as Assets . Liabilities Stockholders' Equity Retained Earnings Cash + Inventory Accounts Payable Common Stock- Rev. 14 Exp. Div. an increase to Inventory $13000, and a decrease to Cash $13000 O an increase to Inventory $12740, an increase to Accounts Payable $13000, and an increase to Cash $260. O an increase to Cost of Goods Sold $12740, and an increase to Accounts Payable $12740. an increase to Inventory $13000, and an increase to Accounts Payable $13000. Save for Late Attempts: 0 of 2 used Submit Answer View Policies Current Attempt in Progress On December 17, Pharoah Company purchased merchandise inventory with an invoice price of $10600 and credit terms of 2/10,n/30 from Ocean Springs Inc. On December 22, Ocean Springs granted a $1800 allowance because some of the goods did not meet product specifications. Pharoah paid the account in full on December 30. In the tabular analysis that follows, the payment on account on December 30 is recorded by Pharoah as Assets Liabilities Stockholders' Equity Retained Earnings Cash + - Accounts Payable + Common Stock + Rev. Inventory . Exp. Div. . O an increase to Inventory $12720, and a decrease to Cash $12720. O a decrease to Cash $8800, and a decrease to Accounts Payable $8800. O an increase to Inventory $12466, an increase to Accounts Payable $12720, increase Cash $254. O an increase to Cost of Goods Sold $12466, and an increase to Accounts Payable $12466. Submit Answer Save for Later Attempts: 0 of 2 used

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