Crane Company buys merchandise on account from Larkspur Company. The selling price of the goods is $1,180 and the cost of the goods sold is $605. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Account Titles and Explanation Debit Credit Crane Larkspur (To record sale of merchandise) Account Titles and Explanation Debit Credit Crane Larkspur (To record sale of merchandise)

Answer rating: 100% (QA)

Crane Company Dr Merchandise Invento... View the full answer