W NWP Assessment Player Ul Application er 5 Question 11 of 12 0.43/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Prepare journal entries to record the following sales transactions in Crane Company's books. Crane uses a perpetual inventory system and the contract-based approach to revenue recognition Crane has a stated policy that all sales are final, no returns or exchanges June 16 17 26 Crane soid 316,700 of merchandise to Guiying Company, terms 2/10, 1/30, FOB destination. The cost of the merchandise sold was $8.350 The correct company paid freight costs of $311 Crane received the balance due from Guiying (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 for the amounts. Record journal entries in the order presented In the problem Account Titles and Explanation Date es Debit Credit Tomcard sales cont.) MacBook SO . 10 *) SY $ % 5 & 7 * 6 * 00 9 R T Y O