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June 4 Crane Company purchased $9,500 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $5,100. 12 Crane returned $580
June 4 Crane Company purchased $9,500 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $5,100. 12 Crane returned $580 worth of goods to Hayes for full credit. The goods had a cost of $370 to Hayes. 22 12 Crane paid the account in full. Assume use of the perpetual inventory system for both companies. (a) Prepare the journal entries to record these transactions in Crane's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) (b) Date Account Titles and Explanation (To record return of goods) (To record payment) eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above
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