- Chapter 05 Homework (GRADED Lurrem mp rgrew Prepare the journal entries torecord the following transactions on Crane Companys books uning a perpetual inventory system ne entry is reauired, select...

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Extracted text: - Chapter 05 Homework (GRADED Lurrem mp rgrew Prepare the journal entries torecord the following transactions on Crane Companys books uning a perpetual inventory system ne entry is reauired, select "No Entry for the account titles and enter Ofor the amounts Creditaccount tiles are atomatically indented when amount is entered. Do not indent maually Record journal entries in the order presented in the problem On March 2. Crane Company sold Se9.700 of merchandise to Larkspur Company on account terms 3/10. 30. The cost of the merchandise sold was $586.400. On March 6. Larkspur Company returned $117,700 of the merchandise purchased on March 2. The cont of the merchandise returned was S63.s00 On March 12 Crane Company received the balance due fron Larkspur Company No. Date Account Titles and Explanation Debit Credit March Acceunts Receivable Sales Reve (To record sale of merchandise) March 2 Cotof Goods Sold Ivantory March Sales Retuand Alownces


Extracted text: March 2 Accounts Recelatle Sales Revenue (To record sale of merchandise) March 2 Castof Goods Sold Inventory (b) March 6 Sales Returns and Alowances Accounts Recevable (To record return of merchandise) March6 Iventory Cast of Goods Sold March 12 Cash Sales Discounes