On June 10, Crane Company purchased goods from FOB shipping point Pronghorn Company for $9,000 on account,
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On June 10, Crane Company purchased goods from FOB shipping point Pronghorn Company for $9,000 on account, terms 2/10, n/30. Crane pays the $550 freight on June 11th. Damaged goods totaling $350 will be returned to Pronghorn for credit on June 12. The fair value of these goods is $80. On June 19, Crane pays Pronghorn Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction in Crane Company's ledgers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record the journal entries in the order given in the problem.)
B.
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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