Question 3 of 9 HU 1.35/2 III Show Attempt History Current Attempt in Progress Your answer is…
Question 3 of 9 HU 1.35/2 III Show Attempt History Current Attempt in Progress Your answer is partially correct The following transactions are for Larkspur Company, 1. On December 3, Larkspur Company sold 5519,300 of merchandise to Crane Coon account, terms 2/10, 1/30. The cost of the merchandise sold was $329,200. On December 8, Crane Co. was granted an allowance of $24,100 for merchandise purchased on December 3. On December 13, Larkspur Company received the balance due from Crane Co. 2. 3 (a) Prepare the journal entries to record these transactions on the books of Larkspur. Larkspur uses a perpetual inventory system (if no entry is required, select “No Entry” for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation 519300 1. Dec 3 2 Accounts Receivable Date Account Titles and Explanation Debit Credit Dec 3 + Accounts Receivable 519300 Sales Revenue 519300 (To record sale of merchandise on account) Dec 3 Cost of Goods Sold 329200 Inventory 329200 (To record cost of merchandise sold on account) Dec 8 Sales Returns and Allowances 24100 Accounts Receivable 24100 Dec 13 Cash 489456 Sales Discounts 4944 4944 Accounts Receivable (b) Assume that Larkspur Company received the balance due from Crane Co. on January 2 of the following year instead of December 13, Prepare the journal entry to record the receipt of payment on January 2. (If no entry is required, select “No Entry” for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 Cash Accounts Receivable e Textbook and Media List of Accounts Attempts: 1 of 5 used Submit Answer Save for Later Last saved 5 days ago Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. May 16 2022 03:12 PM
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