Prepare the journal entries to record the following transactions on Crane Companys books using a...
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Prepare the journal entries to record the following transactions on Crane Companys books using a perpetuat inventory system. (If no entry is required, select "No Entry" for the occount titles and enter O 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. List all debit entries before credit entries) (a) On March 2, Cranc Company sold $898,900 of merchandise to Larkspur Company on account, terms 2/10, n/30. The cost of the merchandise sold was $519,500. (b) On March 6, Larkspur Company returned $100.200 of the merchandise purchased on March 2 . The cost of the merchandise returned was $61,900 (c) On March 12. Crane Company received the balance due from Larkspur Company. Date Account Titles and Explanation Debit Credit March 2 (To record sale of merchandise on account) (To record cost of goods sold) (To record return of merchandise) (To record return of merchandise) (To record cost of goods returned) eTextbook and Media
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