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Weygandt, Accounting Principles, 13e Assignment Gradebook ORION Downloadable eTextbook WileyPLUS: My Wiley:PLUS I HelR I Cont
On March 12, Crane Company received the balance due from Pronghorn Company. (Credit account titles are automatically indented
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Pronghorn Company
Journal Entry
Date Account Debit   Credit
2-Mar Purchases 891,000.00
Crane Company 891,000.00
(Being goods purchased from Crane Company on credit.)
6-Mar Crane Company      89,100.00
Purchases Returns      89,100.00
(Being part goods returned to Crane Company.)
12-Mar Crane Company 801,900.00
Bank 769,824.00
Discount Received      32,076.00
(Being total amount paid to Crane Company and discount received.)
Workings Amount $
Calculation of discount received:
Total purchases 891,000.00
Less: Purchases Returns      89,100.00
Net purchases 801,900.00
Discount rate 4%
Discount received      32,076.00
Net paid 769,824.00
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