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Some of the transactions of Crane Company during August are listed below. Crane uses the periodic inventory method. August 10 Purchased merchandise on account, $12,500,
Some of the transactions of Crane Company during August are listed below. Crane uses the periodic inventory method.
August 10 Purchased merchandise on account, $12,500, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,300, and received credit on account. 15 Purchased merchandise on account, $15,700, terms 1/10, n/60. 25 Purchased merchandise on account, $19,800, terms 2/10, n/30. 28 Paid invoice of August 15 in full. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: for the accou tit es and enter for the amounts. Credit Prepare general ournal entries to record the transactions (I no entry is required, select o entry account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Deblt CreditStep by Step Solution
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