Question

Prepare separate entries for each transaction on the books of Crane Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 

Prepare separate entries for each transaction for Blue Company. The merchandise purchased by Crane on June 10 had cost Blue $5,400.(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

Date	Account titles & Explanations				Debit	Credit
10-Jun	Accounts receivable				10,000
	sales					10,000
10-Jun	Cost of goods sold				5,400
	inventory					5,400
12-Jun	Sales return and allowance				350
	accounts receivable					350
19-Jun	Cash				9457
	Sales discount				193
	Accounts receivable					9650