On May 1, Crane Co. sold merchandise on account to Kaneva Inc. for $16,800, terms 2/10,n/30. Ignore any entries that affect inventory.cost of goods sold, and refund liability for the purposes of this question. (Credit account titles 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 O for the amounts.) Date Account Tities and Explanation Debit Credit May 1 (To record sale on account.) On June 30, Crane Co.charged Kaneva Inc. one month's interest for the overdue account. Crane charges 11% on overdue accounts. (Credit account titles 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 for the amounts.) Date Debit Account Titles and Explanation 1 Credit June 30 (To record interest earned.) On July 5, Kaneva paid the amount owing to Crane Co. (Credit account titles 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 for the amounts.) Debit Date Account Titles and Explanation July 5 1 Credit (Collection on account.)