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Record the transactions in crane company books

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Reference no: EM132713046

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:

  1. July 2 Purchased $14,600 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point. 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
  2. 4 Paid $590 of freight costs on July 2 shipment.
  3. 8 Sold merchandise for $2,300 cash. 11 Paid Suppliers Inc. the full amount owing.
  4. 15 Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15.
  5.  31 Crane 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?

Reference no: EM132713046

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