Presented below are transactions related to Crane Company. 1. On December 3, Crane Company sold $ 668,300 of merchandise on account to Pronghorn Co., terms 2/10, n/30, FOB destination. Crane paid $ 440 for freight charges. The cost of the merchandise sold was $ 371,500. 2. On December 8, Pronghorn Co. was granted an allowance of $ 26,700 for merchandise purchased on December 3. 3. On December 13, Crane Company received the balance due from Pronghorn Co. (a) Prepare the journal entries to record these transactions on the books of Crane Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) choose a transaction date enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) choose a transaction date enter an account title to record freight charges enter a debit amount enter a credit amount enter an account title to record freight charges enter a debit amount enter a credit amount (To record freight charges) 2. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Assume that Crane Company received the balance due from Pronghorn Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media
Presented below are transactions related to Crane Company. 1. On December 3, Crane Company sold $ 668,300 of merchandise on account to Pronghorn Co., terms 2/10, n/30, FOB destination. Crane paid $ 440 for freight charges. The cost of the merchandise sold was $ 371,500. 2. On December 8, Pronghorn Co. was granted an allowance of $ 26,700 for merchandise purchased on December 3. 3. On December 13, Crane Company received the balance due from Pronghorn Co. (a) Prepare the journal entries to record these transactions on the books of Crane Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) choose a transaction date enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) choose a transaction date enter an account title to record freight charges enter a debit amount enter a credit amount enter an account title to record freight charges enter a debit amount enter a credit amount (To record freight charges) 2. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Assume that Crane Company received the balance due from Pronghorn Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.35EX: Cost of merchandise sold and related items The following data were extracted from the accounting...
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HW Q 3
Presented below are transactions related to Crane Company.
1. | On December 3, Crane Company sold $ 668,300 of merchandise on account to Pronghorn Co., terms 2/10, n/30, FOB destination. Crane paid $ 440 for freight charges. The cost of the merchandise sold was $ 371,500. | |
2. | On December 8, Pronghorn Co. was granted an allowance of $ 26,700 for merchandise purchased on December 3. | |
3. | On December 13, Crane Company received the balance due from Pronghorn Co. |
(a)
Prepare the journal entries to record these transactions on the books of Crane Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|---|
1. | choose a transaction date |
enter an account title to record credit sale
|
enter a debit amount
|
enter a credit amount
|
||
---|---|---|---|---|
enter an account title to record credit sale
|
enter a debit amount
|
enter a credit amount
|
||
(To record credit sale)
|
||||
choose a transaction date |
enter an account title to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
||
---|---|---|---|---|
enter an account title to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
||
(To record cost of merchandise sold)
|
||||
choose a transaction date |
enter an account title to record freight charges
|
enter a debit amount
|
enter a credit amount
|
||
---|---|---|---|---|
enter an account title to record freight charges
|
enter a debit amount
|
enter a credit amount
|
||
(To record freight charges)
|
||||
2. | choose a transaction date |
enter an account title
|
enter a debit amount
|
enter a credit amount
|
||
---|---|---|---|---|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
||
3. |
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
---|---|---|---|---|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
||
enter an account title
|
enter a debit amount
|
enter a credit amount
|
eTextbook and Media
List of Accounts
Attempts: 0 of 3 used
(b)
Assume that Crane Company received the balance due from Pronghorn Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
choose a transaction date |
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
---|---|---|---|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
eTextbook and Media
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