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Crane Company commenced operations on July 1. Crane Company uses a periodic inventory system. During July, Crane Company was involved in the following transactions and events:
July 2Purchased $14,600 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.3Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.4Paid $590 of freight costs on July 2 shipment.8Sold merchandise for $2,300 cash.11Paid Suppliers Inc. the full amount owing.15Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point.25Received full payment for the merchandise sold on July 15.31Crane did a physical count and determined there was $10,500 of inventory on hand
Problem 1: Record the transactions in Crane Company's books
Problem 2: What was Crane' gross profit for July?
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