The following transactions are for Larkspur Company. On December 3, Larkspur Company sold $512,700 of merchandise to Crane Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $321,500. 1. 2. On December 8, Crane Co. was granted an allowance of $26,000 for merchandise purchased on December 3. 3. On December 13, Larkspur Company received the balance due from Crane Co. (a) Prepare the journal entries to record these transactions on the books of Larkspur. Larkspur uses 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.) No. Date Account Titles and Explanation Debit Credit 1. (To record sale of merchandise on account)

The following transactions are for Larkspur Company. On December 3, Larkspur Company sold $512,700 of merchandise to Crane Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $321,500. 1. 2. On December 8, Crane Co. was granted an allowance of $26,000 for merchandise purchased on December 3. 3. On December 13, Larkspur Company received the balance due from Crane Co. (a) Prepare the journal entries to record these transactions on the books of Larkspur. Larkspur uses 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.) No. Date Account Titles and Explanation Debit Credit 1. (To record sale of merchandise on account)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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