On March 12, Crane Company received the balance due from BlueCompany. (Credit account titles are...

On March 12, Crane Company received the balance due from Blue Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.

(b) On March 6, Blue Company returned $83,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

On March 2, Crane Company sold $832,000 of merchandise on account to Blue Company, terms 2/10, n/30. The cost of the merchandise sold was $593,000.

Solutions

Expert Solution

March 2
Account Title and Explanation	Debit	Credit
Inventory	832000
Accounts Payable		832000

March 6
Account Title and Explanation	Debit	Credit
Accounts Payable	83200
Inventory		83200

March 12
Account Title and Explanation	Debit	Credit
Accounts Payable	748800		=832000-83200
Cash		733824
Inventory		14976	=748800*2%

ekkarill92 answered 2 years ago

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