Question: (I just need help with Part C) Prepare the journal entries to record the following transactions on Crane Companys books using a perpetual inventory system.
(I just need help with Part C)
Prepare the journal entries to record the following transactions on Crane Companys books using a perpetual inventory system.
A) On March 2, Crane Company sold $826,000 of merchandise on account to Pronghorn Company, terms 4/10, n/30. The cost of the merchandise sold was $544,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
B) On March 6, Pronghorn Company returned $82,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
C) On March 12, Crane Company received the balance due from Pronghorn Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account titles& Explanation Debit credit
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