Y Need heip with account/L WleyPLOS ttps://edugen.wileyplus.com/edugen/student/m

Question

Y Need heip with account/L WleyPLOS ttps://edugen.wileyplus.com/edugen/student/main.uni ctice Assignment Gradebook ORION Downloadable eTextbook ment Exercise 5-1 This information relates to Crane Co.. 1. On April 5, purchased merchandise from Sheridan Company for $26,800, terms 2/10, n/30. 2. On April 6, paid freight costs of $620 on merchandise purchased from Sheridan Company. 3. On April 7, purchased equipment on account for $34,400. 4. On April 8, returned $4,900 of April 5 merchandise to Sheridan Company 5. On April 15, paid the amount due to Sheridan Company in full Prepare the journal entries to record the transactions listed above on Crane Co.s books. Crane Co. uses a perpetual for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

b) Journal entry :

Date account title and explanation debit Credit Apr 5 Merchandise inventory 26800     Account payable 26800 (To record purchase) Apr 6 Merchandise inventory 620      Cash 620 (To record freight paid) apr 7 Equipment 34400     Account payable 34400 (To record purchase of equipment) Apr 8 Account payable 4900         Merchandise inventory 4900 (To record return) Apr 15 Account payable (26800-4900) 21900       Cash 21462       Merchandise inventory 438 (To record amount paid)

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