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Prepare the journal entries to record these transactions on Crane Company's books. Crane Company uses a periodic inventory system. Feb. 5 6 8 11 Crane
Prepare the journal entries to record these transactions on Crane Company's books. Crane Company uses a periodic inventory system. Feb. 5 6 8 11 Crane purchased $13,000 of merchandise from NW Wholesale Company, terms 2/10,n/30, FOB shipping point The correct company paid freight costs of $210. Crane returned $1,300 of the merchandise purchased on February 5. Crane paid the balance due to NW Wholesale. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" fort the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record cash payment of freight.) (To record purchase return.) (Payment on account.)
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