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Use a tabular summary to record the following transactions for Crane Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.

(a)		On March 2, Crane Company sold $832,000 of merchandise to Sheridan Company on account. The cost of the merchandise sold was $561,600.
(b)		On March 6, Sheridan Company returned $145,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $97,760.
(c)		On March 12, Crane Company received the balance due from Sheridan Company.

(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

					Assets					=	Liabilities	+	Stockholders' Equity
															Retained Earnings
					Cash	+	Accts. Rec.	+	Inv.	=	Accts. Pay.	+	Common Stock	+	Rev.	-	Exp.
a)	Mar.		2		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		select an account title Sales revenueSales returns & allowancesCost of goods soldBad debt expenseAccounts receivable
					enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		select an account title Accounts receivableSales returns & allowancesSales revenueCost of goods soldBad debt expense
b)			6		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		select an account title Sales revenueCost of goods soldAccounts receivableSales returns & allowancesBad debt expense
					enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		select an account title Sales returns & allowancesBad debt expenseSales revenueAccounts receivableCost of goods sold
c)			12		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		select an account title Sales returns & allowancesAccounts receivableCost of goods soldBad debt expenseSales revenue

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