Business, 10.04.2020 22:11 sierransha08

Prepare the journal entries to record these transactions on Crane Company’s books using a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Crane Company purchased $941,000 of merchandise from Sheridan Company, terms 3/10, n/30. (b) On March 6, Crane Company returned $108,200 of the merchandise purchased on March 2. (c) On March 12, Crane Company paid the balance due to Sheridan Company. No. Date Account Titles and Explanation Debit Credit (a) (b) (c)

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Prepare the journal entries to record these transactions on Crane Company’s books using a periodic i...

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