Merchandising Inventory Question.

Question 2 of 3 12.5 Mar. 21 Cost of Goods Sold 5299 Merchandise inventory 5299 (To record sales on account.) (To record cost of goods sold.) Mar, 23 Mar. 23 Mar.30 Cash 8200 Accounts Receivable \begin{tabular}{r} 8200 \\ \hline 12 \end{tabular} Mar:31 Cash 12.050 Sales Discounts 241 Arcounts Payable eTextbook and Media List of Accounts Calculate Crane's net sales, cost of goods sold, and gross profit for these sales. Net sales Cost of goods sold Gross profit Crane Wholesalers uses a perpetual inventory system. Mar. Stellar Stores purchases $9,200 of merchandise for resale from Crane Wholesalers, terms 2/10,n/30, FOB shipping 1 point. 2 The correct company pays $170 for the shipping charges. 3 Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Crane gives Stellar a $1,000 credit on its account. 21 Stellar Stores purchases an additional $12,500 of merchandise for resale from Crane Wholesalers, terms 2/10,n/30,FOB destination. 22 The correct company pays $170 for freight charges. *23 Stellar returns $450 of the merchandise purchased on March 21 because it was damaged. Crane gives Stellar a $450 credit on its account. 30 Stellar paid Crane the amount owing for the merchandise purchased on March 1. 31 Stellar paid Crane the amount owing for the merchandise purchased on March 21. Additional information: Mar. Crane's cost of the merchandise sold to Stellar was $3,900. 1 Crane's cost of the merchandise returned by Stellar was $424. As the merchandise was not damaged, it was returned to Crane's inventory. 21 Crane's cost of the additional merchandise sold to Stellar Stores was $5,299. 23 Crane's cost of the merchandise returned by Stellar was $191. As the merchandise was damaged, it was put in the recycling bin. Prepare Crane Wholesalers' journal entries to record the sales transactions with Stellar. Remember to record the freight and cash receipt transactions as appropriate. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts, Record journal entries in the order presented in the problem. List all debit entries before credit entries.)