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Crane Co. had the following transactions during October.
1. On October 8, purchased merchandise on account from Cullumber Company for $17,200, terms 2/10, n/30.
2. On October 9, paid freight costs of $520 on merchandise purchased from Cullumber Company.
3. On October 11, returned $3,300 of October 8 merchandise to Cullumber Company.
4. On October 18, paid the amount due to Cullumber Company in full.
Provblem 1: Use a tabular summary to record the transactions listed above for Crane Co.'s books. CraneCo. uses a perpetual inventory system. Include margin explanations for the changes in revenues and expenses.
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