Crane Company has the following balances in selected accounts on December 3 1 , 2 0
Question:
Crane Company has the following balances in selected accounts on December
Accounts Receivable $
Accumulated DepreciationEquipment
Interest Payable
Notes Payable
Prepaid Insurance
Salaries and Wages Payable
Supplies
Unearned Service Revenue
All the accounts have normal balances. The information below has been gathered at December
? Crane Company borrowed $ ?by signing a ?oneyear note on August
? A count of supplies on December ?indicates that supplies of $ ?are on hand
? Depreciation on the equipment for ?is $
? Crane Company paid $ ?for ?months of insurance coverage on May
? On November ?Crane collected $ ?for consulting services to be performed from November ?through March
? Crane performed consulting services for a client in December ?The client will be billed $
? Crane Company pays its employees total salaries of $ ?every Monday for the preceding day week Monday through Friday ?On Monday, December ?employees were paid for the week ending December ?All employees worked the last ?days of Prepare adjusting entries for the seven items described above. Credit account titles are automatically indented when the amount is
entered.
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak