The following transactions are for Crane Company, 2. 1. On December 3, Crane Company sold $520,000 of merchandise to Cullumbar Co on account. The cost of the merchandise sold was $343,200. On December 8, Cullumber Co. returned $26,000 of merchandise purchased on December 3. The cost of the goods was $16,640 On December 13, Crane Company received the balance due from Cullumber Co. 3 Assets Liabill Accts. Rec Acc Pay Date Cash Inventory Dec 13