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Prepare journal entries to record the following sales transactions in Crane Company’s books. Crane uses a...

Prepare journal entries to record the following sales transactions in Crane Company’s books. Crane uses a perpetual inventory system. Jan. 2 Crane sold $11,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $4,345. 4 The correct company paid freight costs of $195. 6 Xiaoyan returned $1,100 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $430, and it was restored to inventory. Feb. 1 Crane received the balance due from Xiaoyan.

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