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Crane Company buys merchandise on account from Pronghorn Company. The selling price of the goods...

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Accounting

Crane Company buys merchandise on account from Pronghorn Company. The selling price of the goods is $1,350, and the cost of the goods is $940. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 4 Account Titles and Explanation Crane Company. (To record credit purchase of inventory) Pronghorn Company (To record credit sale) (To record cost of merchandise sold) Debit Credit IN
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Crane Company burs merchandise on account from Pronghorn Company. The selling price of the goods is $1,350, and the cost of the coods ts $4.0, Doth compantes use perpetasilinentory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries: Credit occount titles are automatically indented when amount is entered. Do not indent manualik. If no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts]

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