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Make a journal entry to record the transaction

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    Assignment ID: FG133136323

    Question – Crane Electronics Store uses a perpetual inventory system. The company had the following transactions in March.

    Mar. 16 Purchased $13,300 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination.

    Mar. 18 Crane Electronics Store received an allowance of $650 for the merchandise purchased on March 16 because of minor damage to the goods.

    Mar. 25 Paid the balance due to Venus Distributors.

    Required –

    For each transaction, can you make a journal entry to record the transaction.

    For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner’s equity. Indicate No Effect if the transaction neither increased nor decreased any of these items.

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