Prepare the necessary general journal entries for the month of October for Crane Retail for...
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Prepare the necessary general journal entries for the month of October for Crane Retail for each situation given below. Crane uses a perpetual inventory system. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. List all deblt entries before credit entries) Oct.5 Paid cash of $13,104 for operating expenses that were incurred and properly recorded in the previous period. 9 Purchased merchandise for $22,900 on account. Credit terms: 3/10,n/30. 12 Paid a freight bill of $112 for merchandise purchased on October 9. 17 Paid for merchandise purchased on October 9. The company takes all discounts to which it is entitled. 20 Sold merchandise for $8,320 to Rattles Distribution on account. The cost of the merchandise sold was $3,328, Credit terms: 2/10,n/30. 26 Issued a credit memo to Rattles Distribution for $312 for merchandise returned from the sale on October 20. The cost of the merchandise returned was $192. Date Account Tities and Explanation Debit Credit Oct.5 Dat9 oc.17 (Torecord the sale of merchandise) (To record the cost of the merchandise sold) (To record the credit granted for the return) (To record the cost of the goods returned)
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