Reference no: EM132764272
Question - 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 2 Purchased $14,600 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.
July 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
July 4 Paid $590 of freight costs on July 2 shipment.
July 8 Sold merchandise for $2,300 cash.
July 11 Paid Suppliers Inc. the full amount owing.
July 15 Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point.
July 25 Received full payment for the merchandise sold on July 15.
July 31 Crane did a physical count and determined there was $10,500 of inventory on hand
Required -
1. Record the transactions in Crane Company's books?
2. What was Crane' gross profit for July?
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