Crane Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Crane Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Debit Credit Screenshot 2024-... D Cash Accounts Receivable Inventory Land Buildings $20,910 41,820 AutoFill can assist with filling out this form. 18,614 53,300 77,900 Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Equipment 32,800 Allowance for Doubtful Accounts $369 No. Account Titles and Explanation 1. Debit Accumulated Depreciation-Buildings 24,600 Accumulated Depreciation-Equipment 11,808 Accounts Payable 15,826 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 2. 6.560 Bonds Payable (10%) 41,000 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred Stock -0- 3. Common Stock ($10 par) 24,600 Paid-in Capital in Excess of Par-Common Stock 4,920 4. Retained Earnings 61,541 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense -0- 5. 467,400 -0- -0- 6. -0- Cost of Goods Sold Depreciation Expense Other Operating Expenses 328,000 -0- 7. 31,980 Salaries and Wages Expense 53,300 Total $658,624 $658,624 8. Unrecorded transactions and adjustments: 1. On January 1, 2022, Crane issued 820 shares of $20 par, 6% preferred stock for $18,040. 2. On January 1, 2022, Crane also issued 820 shares of common stock for $18,860. 3. Crane reacquired 246 shares of its common stock on July 1, 2022, for $49 per share. 4. On December 31, 2022, Crane declared the annual cash dividend on the preferred stock and a $1.50 per share. dividend on the outstanding common stock, all payable on January 15, 2023. 5. Crane estimates that uncollectible accounts receivable at year-end are $4,182. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,100. 7. 8. 9. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,280. The unearned rent was collected on October 1, 2022. It was receipt of 4 months' rent in advance (October 1, 2022 through January 31, 2023). The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded. 9. Credit AutoFill Form Crane Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below. Debit Credit Screenshot 2024-... D Cash Accounts Receivable Inventory Land Buildings $20,910 41,820 AutoFill can assist with filling out this form. 18,614 53,300 77,900 Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Equipment 32,800 Allowance for Doubtful Accounts $369 No. Account Titles and Explanation 1. Debit Accumulated Depreciation-Buildings 24,600 Accumulated Depreciation-Equipment 11,808 Accounts Payable 15,826 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 2. 6.560 Bonds Payable (10%) 41,000 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred Stock -0- 3. Common Stock ($10 par) 24,600 Paid-in Capital in Excess of Par-Common Stock 4,920 4. Retained Earnings 61,541 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense -0- 5. 467,400 -0- -0- 6. -0- Cost of Goods Sold Depreciation Expense Other Operating Expenses 328,000 -0- 7. 31,980 Salaries and Wages Expense 53,300 Total $658,624 $658,624 8. Unrecorded transactions and adjustments: 1. On January 1, 2022, Crane issued 820 shares of $20 par, 6% preferred stock for $18,040. 2. On January 1, 2022, Crane also issued 820 shares of common stock for $18,860. 3. Crane reacquired 246 shares of its common stock on July 1, 2022, for $49 per share. 4. On December 31, 2022, Crane declared the annual cash dividend on the preferred stock and a $1.50 per share. dividend on the outstanding common stock, all payable on January 15, 2023. 5. Crane estimates that uncollectible accounts receivable at year-end are $4,182. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $4,100. 7. 8. 9. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,280. The unearned rent was collected on October 1, 2022. It was receipt of 4 months' rent in advance (October 1, 2022 through January 31, 2023). The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2022, has not been paid or recorded. 9. Credit AutoFill Form
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Quigley Corporations trial balance at December 31, 2017, is presented below. All 2017 transactions have been recorded except for the items described below. Unrecorded transactions and adjustments: 1....
-
A chef in a restaurant that specializes in pasta dishes was experiencing difficulty in getting brands of pasta to be al dente-that is, cooked enough so as not to feel starchy or hard but still feel...
-
Burgundy, Inc., and Violet are equal partners in the calendar year BV LLC. Burgundy uses a fiscal year ending April 30, and Violet uses a calendar year. Burgundy receives an annual guaranteed payment...
-
In March 2017, the EU Commission published a document which aimed to map out the challenges and opportunities ahead of us and present how we can collectively choose to respond. In the Introduction to...
-
New budget constraints have pressured Body Perfect Gym to control costs. The owner of the gym, Mr. Ripple, has notified division managers that their job performance evaluations will be highly...
-
Corbertt Pharmaceuticals manufactures an over-the-counter allergy medication. The company sells both large commercial containers of 1,000 capsules to health-care facilities and travel packs of 20...
-
Question 1: Productivity (units produced per hour) of eleven workers before and after a training program is shown below? Worker Productivity before training program Productivity after training...
-
A sample of concentrated nitric acid 14.5 M HNO 3 and has a density of 1.24 g/mL. Calculate the mass %, molality, and the mole fraction of HNO 3.
-
If interest areas warranting further evaluation are identified, the initial reconnaissance costs of the project area are ______________. a. Capitalized to the areas of interest b. Allocated to the...
-
What is data conservation and why is it needed?
-
All of the following costs would be classified as IDC EXCEPT __________. a. Labor to install valves and pipe in the tank battery b. Labor to install the wellhead c. Labor to cement surface casing d....
-
What are the naming conventions of logical data flows?
-
What is Structured English, and why is it used when constructing process logic?
-
On December 31, year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method of accounting for uncollectible accounts....
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
Williams Corporation accountants have assembled the following data for the year ended June 30, 2020: Prepare Williams Corporation's statement of cash flows for the year ended June 30, 2020. Williams...
-
Use the data in exercise S9-5 to prepare Edwards Corporation's statement of cash flows for the year ended June 30, 2020. Edwards uses the indirect method for operating activities. Use Exhibit 9-8,...
-
Use the Autos of Red Deer data in exercise 9-8 to compute a. New borrowing or payment of long-term notes payable. Autos of Red Deer had only one long-term note payable transaction during the year b....
Study smarter with the SolutionInn App