On December 1, 2020, Crane Distributing Company had the following account balances. Debit Credit Cash $7,600...

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On December 1, 2020, Crane Distributing Company had the following account balances. Debit Credit Cash $7,600 Accumulated Depreciation-Equipment $2,310 Accounts Receivable 5,600 Accounts Payable 4,800 Inventory 11,500 Salaries and Wages Payable 1,000 Supplies 1,400 Owner's Capital 41,090 Equipment 23,100 $49,200 $49,200 During December, the company completed the following summary transactions. Dec. Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable. 6 8 Received $1,800 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,900. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Boehm Co. $8,700, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost of the merchandise sold was $8,300. 20 Paid salaries and wages $1,800. 23 Paid Boehm Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales revenue) (To record cost of goods sold) > > > O < (To record cost of 'goods sold) (To record the sales revenue) (To record cost of goods sold) On December 1, 2020, Crane Distributing Company had the following account balances. Debit Credit Cash $7,600 Accumulated Depreciation-Equipment $2,310 Accounts Receivable 5,600 Accounts Payable 4,800 Inventory 11,500 Salaries and Wages Payable 1,000 Supplies 1,400 Owner's Capital 41,090 Equipment 23,100 $49,200 $49,200 During December, the company completed the following summary transactions. Dec. Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable. 6 8 Received $1,800 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,900. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Boehm Co. $8,700, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost of the merchandise sold was $8,300. 20 Paid salaries and wages $1,800. 23 Paid Boehm Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales revenue) (To record cost of goods sold) > > > O < (To record cost of 'goods sold) (To record the sales revenue) (To record cost of goods sold)

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Date Account TitleExplanation Debit Credit 6Dec Salaries and wages Expenses 600 Sala... View the full answer