1 1 JUILLADIUN BALK NEXT U Exercise 3-05 (Video) Crane Company has the following balances in selected accounts on December 31, 2020. 8,000 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 10,000 2,760 3,000 29,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. 2. 3. 4. 5. Crane Company borrowed $10,500 by signing a 9%, one-year note on September 1, 2020. A count of supplies on December 31, 2020, indicates that supplies of $860 are on hand. Depreciation on the equipment for 2020 is $1,000. Crane Company paid $2,760 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Crane collected $29,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. Crane performed consulting services for a client in December 2020. The client will be billed $3.800. Crane Company pays its employees total salaries of $5,700, every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020. 1 1 JUILLADIUN BALK NEXT U Exercise 3-05 (Video) Crane Company has the following balances in selected accounts on December 31, 2020. 8,000 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 10,000 2,760 3,000 29,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. 2. 3. 4. 5. Crane Company borrowed $10,500 by signing a 9%, one-year note on September 1, 2020. A count of supplies on December 31, 2020, indicates that supplies of $860 are on hand. Depreciation on the equipment for 2020 is $1,000. Crane Company paid $2,760 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Crane collected $29,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. Crane performed consulting services for a client in December 2020. The client will be billed $3.800. Crane Company pays its employees total salaries of $5,700, every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020