Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. crane publishing co. publishes college and univers

Crane Publishing Co. publishes college and university textbooks that are sold to bookstores on the...

90.2K

Verified Solution

Question

Accounting

Crane Publishing Co. publishes college and university textbooks that are sold to bookstores on the following terms. Each title has a
fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of
30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that
the normal return rate is 12% and the average collection period is 72 days. The company follows IFRS.
(c)
On August 8,2023, Crane shipped books invoiced at $38,000,000(cost $30,400,000). Prepare the journal entry to record this
transaction, including the expected returns. (Credit account titles are automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit
entries.)
Date
Account Titles and Explanation
Debit
Credit
August 8,2023
(To record sale on account)
August 8,2023
(To record cost of goods sold)
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Write out and describe the dynamic equilibrium that occurs between carbon dioxide and bicarbonate in your...

Basic Math
1.2K views

Determine statistically which two bands are the most correlated? Explain how did you get your answer...

Biology
1.2K views

Do you think that national parks and preserves are a sufficient way to protect biodiversity...

Physics
1.2K views

When you look at a fish in a still stream from the bank the fish...

Physics
1.2K views

connected as shown in figure If the potential difference across the 7 F capacitor is...

Physics
1.2K views

A uniform solid 1000 0 kg sphere 1 has a radius of 5 00 m...

Calculus
1.2K views

Find the flux of outward across the curve 9x 4y 36 in the xy plane...

Calculus
1.2K views

Solution As shown in the y 3x 2 meets x axis at x lies below...

Accounting
1.2K views

Determine the price of a $1.5 million bond issue under each of the following independent...

Accounting
1.2K views

the quartile of a distribution are most clearly revealed in which display

Accounting
1.2K views

The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the...

Finance
1.2K views

Thermo Fisher (Fisher) is considering an acquisition of Life Technologies (Life Tech). Life Tech shares...