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Record the following transactions on the books of Crane Co. (Omit cost of goods sold entries.)...



Record the following transactions on the books of Crane Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(a) On July 1, Crane Co. sold merchandise on account to Stacey Inc. for $21,860, terms 3/10, n/30.
(b) On July 8, Stacey Inc. returned merchandise worth $2,360 to Crane Co.
(c) On July 11, Stacey Inc. paid for the merchandise.
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Answer: Credit Date July 1 Debit 21,860 21,860 July 8 2,360 Accounts Titles & Explanation Accounts Receivable Sales Revenue S

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