ded Assignment

Question $3$ of $7$

$\frac{-}{1}$

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 $$656,000$ of merchandise to Sheridan Company on account. The cost of the merchandise sold was $$442,800.$

$($b$)$ On March $6,$ Sheridan Company returned $$114,800$ of the merchandise purchased on March $2.$ The cost of the merchandise returned was $$77,080.$

$($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

Accts. Rec.

Inv.

$Ac$

Cash

$

$

$

$

a$)$ Mar.

$2$

$$

$$

Li

$q,$