Urgent help on accounting homework please? Crawford Company had inventory of $35

Question

Urgent help on accounting homework please?

Crawford Company had inventory of $350 on March 1. The company had the following transactions during March.

Mar. 2    Purchased inventory on account for $1,800, terms 2/10, n/30.

Mar. 3    Returned $150 worth of inventory from the Mar. 2 purchase.

Mar. 9    Paid the appropriate amount for the inventory purchased on Mar. 2.

Mar. 17 Sold inventory costing $1,000 for $1,920 in cash.

Mar. 28 Prepared closing entries for the month (prepare entries only for sales and cost of goods

                sold)

Prepare the appropriate journal entry for each of the above transactions assuming Crawford Company uses the perpetual inventory method.

Explanation / Answer

Date Title Debit credit mar2 Inventory 1800 Accounts payable 1800 [being Inventory purchased] mar3 Accoutns payable 150 Inventory 150 [being Inventory returned] mar9 Accounts payable 1650 cash 1650 [Being Net amount paid 1800-150] mar17 -a Cash 1920 sales 1920 [inventory sold recorded] b Cost of goods sold 1000 Inventory 1000 [being cost od Inventory sold recorded] mar28 no entry

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