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Prepare the journal entries to record the transactions

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Question - Prepare the journal entries to record the following purchase transactions in Crane Company's books. Crane uses a perpetual inventory system.

Mar. 12 Crane purchased $22,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination.

Mar. 13 The correct company paid freight costs of $245.

Mar. 14 Crane returned $3,600 of the merchandise purchased on March 12 because it was damaged.

Mar. 21 Crane paid the balance owing to Dalibor.

Reference no: EM133057724

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