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The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Crane Company purchased merchandise from DeVito Company for

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The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Crane Company purchased merchandise from DeVito Company for $12,900, terms 2/10,n/ 6 The correct company paid freight costs of $260. 8 Crane Company returned damaged merchandise to DeVito Company and was given a purcha May 4 Crane paid the amount due to DeVito Company in full. The following transactions occurred in April and May. Both companies use a perpetual inventory system. 00, terms 2/10,n/30, FOB shipping point. DeVito had paid $7,800 for the merchandise. was given a purchase allowance of $1.500. DeVito determined the merchandise could not be repaire Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system he merchandise. rchandise could not be repaired and sent it to the recyclers. The merchandise had cost DeVito $907. Prepare the journal entries to record the above transactions for Crane Company. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit (Purchase on account.) (To record cash payment of freight.) To record purchase return.) (Payment on account.) Prepare the journal entries to record the above transactions for DeVito Company. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit (To record sales on account.) (To record cost of goods sold.) (To record credit for goods returned.) (Collection on account.) Calculate the gross profit earned by DeVito on these transactions. Gross profits

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