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Prepare the journal entries to record the following transactions on Crane Company's books using a perpetual inventory system. (IF no entry is required, select No
Prepare the journal entries to record the following transactions on Crane Company's books using a perpetual inventory system. (IF no entry is required, select "No Entry for the account tities and enter for the amounts. Credit account tities are automatically Indented when amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem.) (a) (b) On March 2, Larkspur Company sold $889,700 of merchandise to Crane Company on account, terms 3/10./30. The cost of the merchandise sold was $586,400. On March 6, Crane Company returned $117,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,800. On March 12. Larkspur Company received the balance due from Crane Company. (c) No. Credit Date Debit Account Titles and Explanation (a) March 2 (b) March 6 (c) March 12 No. Date Account Tities and Explanation Debit Credit (a) March 2 (b) March 6 (c) March 12
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