Reference no: EM132921046
Question - The following transactions occurred in April and May. Both companies use a periodic inventory system.
Apr. 5 Crane Company purchased merchandise from DeVito Company for $11,500, terms 2/10, n/30, FOB shipping point. DeVito had paid $8,500 for the merchandise.
Apr. 6 The correct company paid freight costs of $360.
Apr. 8 Crane Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $1,800. DeVito determined the merchandise could not be repaired and sent it to the recyclers. The merchandise had cost DeVito $1,330.
May 4 Crane paid the amount due to DeVito Company in full.
Required -
a) Prepare the journal entries to record these transactions on the books of Crane Company.
b) Prepare the journal entries to record these transactions on the books of DeVito Company.
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