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Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual...

Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(a) On March 2, Crane Company sold $898,900 of merchandise to Larkspur Company on account, terms 2/10, n/30. The cost of the merchandise sold was $519,500.
(b) On March 6, Larkspur Company returned $100,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,900.
(c)

On March 12, Crane Company received the balance due from Larkspur Company.

Date

Account Titles and Explanation

Debit

Credit

(a)

choose a transaction date                                                          March 2March 6March 12

enter an account title to record sale of merchandise

enter a debit amount

enter a credit amount

enter an account title to record sale of merchandise

enter a debit amount

enter a credit amount

(To record sale of merchandise)

choose a transaction date                                                          March 2March 6March 12

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

(b)

choose a transaction date                                                          March 2March 6March 12

enter an account title to record return of merchandise

enter a debit amount

enter a credit amount

enter an account title to record return of merchandise

enter a debit amount

enter a credit amount

(To record return of merchandise)

choose a transaction date                                                          March 2March 6March 12

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

(c)

March 12

enter an account title for the journal entry on March 12

enter a debit amount for the journal entry on March 12

enter a credit amount for the journal entry on March 12

enter an account title for the journal entry on March 12

enter a debit amount for the journal entry on March 12

enter a credit amount for the journal entry on March 12

enter an account title for the journal entry on March 12

enter a debit amount for the journal entry on March 12

enter a credit amount for the journal entry on March 12

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