ACCT1000 in-class Demonstration Exercise Chapter 1 Accounting in Action Crane Co opened on July 1, 2020. On July 31, the statement of financul potion showed Cash 500 Receivable 1.700, Supplies v400 Equipment 6,400, Accounts Payable 4,200 Share Capital-Ordinary 3,700 and Retained Eaming of 5,200 (amounts in thousands During August the folowing t Instructions (A) Write the effect, account title and amount of each of the following transactions (B) Prepare a tabular analysis of the August transactions beginning with July 31 tes (C) Prepare an income Statement for August (D) Prepare a Retained Earnings Statement for August. (E) Prepare a Statement of Financial Position at August 31, 2020 List Assets in reverse order of liquidity PROBLEM 1.2 (Continued) (A) 1. Collected $1,400 of accounts receivable. Elect Account Title 2. Paid $3,000 cash on accounts payable Effect Account Title DUD 3. Recognized revenue of $7,600, of which $1,900 is collected in cash and the balance is due in September Item Effect Account Tile 4. Purchased additional equipment for $1,800, paying $400 in cash and the balance on account Effect Account Title PROBLEM 1.2 (Continued) 5. Paldies $2,700, rent for August 1,200, and adventing expe Account Dr DAD 6. Declared and paid $1,000 dividend. Account Title DEN 7. Received $1,600 from Standard Bank-money borrowed on a note payable Item Account Tile 8.Incurred utility expenses for month on account $250 lem Effect Account Tie Dr. Cr