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5 October, 23:03

Crane Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $52,200 with terms 3/15, n/45. On June 12, 2017, Crane received full payment for the June 1 sale.

1. Prepare the required journal entries for Crane Co.

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  1. 5 October, 23:58
    0
    Journal entries for Crane Co.

    June 1

    Dr Accounts Receivable 52,200

    Cr Sales Revenue 52,200

    June 12

    Dr Cash 50,634

    Dr Sale Discounts1,566

    Cr Accounts Receivable 52,200
  2. 6 October, 01:50
    0
    Crane Co

    June 1. Credit: Sales $52,200

    Debit: Acc receivable $52,200

    Being sales on account

    June 12 Debit: Bank. $ 50,634

    Debit: Discount Allowed $1,566

    Credit: Acc receivable. $52,200

    Being payment received on sales
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Home » Business » Crane Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $52,200 with terms 3/15, n/45. On June 12, 2017, Crane received full payment for the June 1 sale. 1. Prepare the required journal entries for Crane Co.
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