During August, the following summary transactions were completed. Aug. 1 3 6 10 13 15 17...
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During August, the following summary transactions were completed. Aug. 1 3 6 10 13 15 17 22 24 27 29 31 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) Paid August rent $360. (Hint: Use the Prepaid Rent account.) Received $3,420 cash from customers in payment of accounts. Paid $2,970 for salaries due employees, of which $1,650 is for August and $1,320 is for July salaries payable. Received $3,590 cash for services performed in August. Purchased additional equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Purchased supplies on account $800. Paid salaries $3,110. Performed services worth $4,840 on account and billed customers. Received $810 from customers for services to be provided in the future. Declared and paid a $460 dividend. 26201 On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Crane Ltd. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Deferred revenue Equipment Interest receivable Note receivable, due October 31, 2021 Retained earnings Salaries payable Supplies $2,080 4,690 2,090 5,480 12,900 1,340 10,400 22 4,400 6,362 1,320 1,100 Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is O select Bal for the date and enter O for the normal balance for that account.) During August, the following summary transactions were completed. Aug. 1 3 6 10 13 15 17 22 24 27 29 31 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) Paid August rent $360. (Hint: Use the Prepaid Rent account.) Received $3,420 cash from customers in payment of accounts. Paid $2,970 for salaries due employees, of which $1,650 is for August and $1,320 is for July salaries payable. Received $3,590 cash for services performed in August. Purchased additional equipment on account $2,000. Paid creditors $2,000 of accounts payable due. Purchased supplies on account $800. Paid salaries $3,110. Performed services worth $4,840 on account and billed customers. Received $810 from customers for services to be provided in the future. Declared and paid a $460 dividend. 26201 On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Crane Ltd. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Deferred revenue Equipment Interest receivable Note receivable, due October 31, 2021 Retained earnings Salaries payable Supplies $2,080 4,690 2,090 5,480 12,900 1,340 10,400 22 4,400 6,362 1,320 1,100 Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is O select Bal for the date and enter O for the normal balance for that account.)
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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