Crane Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1...
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Crane Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $69,600 cash to A. Morgan on a one-year, 9% note. Sold goods to H. Giorgi on account for $13,200, terms n/30. The goods cost Crane $8,250. Crane uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $22,800, three-month, 7% note. The goods cost Crane $15,200. H. Giorgi was unable to pay her account. Giorgi gave Crane a six-month, 8% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. H. Giorgi defaulted on the note. Fure payment is expected. Record the transactions for Crane Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit Question 3 of 3 < > Date Record the transactions for Crane Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles (To record sales on account.) (To record cost of goods sold.) (To record sales in exchange for a note receivable.) -/1 E Debit Credit 1 |||| Question 3 of 3 < > (To record sales in exchange for a note receivable.) (To record cost of goods sold.) I -/1 E Crane Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $69,600 cash to A. Morgan on a one-year, 9% note. Sold goods to H. Giorgi on account for $13,200, terms n/30. The goods cost Crane $8,250. Crane uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $22,800, three-month, 7% note. The goods cost Crane $15,200. H. Giorgi was unable to pay her account. Giorgi gave Crane a six-month, 8% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. H. Giorgi defaulted on the note. Fure payment is expected. Record the transactions for Crane Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit Question 3 of 3 < > Date Record the transactions for Crane Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles (To record sales on account.) (To record cost of goods sold.) (To record sales in exchange for a note receivable.) -/1 E Debit Credit 1 |||| Question 3 of 3 < > (To record sales in exchange for a note receivable.) (To record cost of goods sold.) I -/1 E
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Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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