https://edugen.wileyplus.com/edugen/student/mainfr.uni JS Kaimmel, Accounting, 6

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https://edugen.wileyplus.com/edugen/student/mainfr.uni JS Kaimmel, Accounting, 6e FINANCIAL & MANAGERIAL (ACC 110/21 Practice Gradebook ORION Downloadable eTextbook ignment CALCULATOR FULL SCRErN PRINTER VERSION BACK NEXT tS Exercise 5-4 (Part Level Submission) On June 10, crane Company purchased ss,100 of merchandise from Shendan Company, terms 2/10·n/30, Crane Company pays the freight costs of $360 on June 11. Goods totaling $400 are returned to Sheridan Company for credit on June 12. On June 19, Crane Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Crane Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 13 MacBook Air

Explanation / Answer

10-Jun Merchandise inventory 6100         Accounts Payable 6100 11-Jun Merchandise inventory 360        Cash 360 12-Jun Accounts Payable 400       Merchandise inventory 400 19-Jun Accounts Payable 5700       Merchandise inventory 114 =5700*2%        Cash 5586

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