Accounting Cycle Review 6 af On December 1, 2020, Crane Company had the account balances shown below. Debit Credit Cash $4,500 Accumulated Depreciation-Equipment $1,000 Accounts Receivable 3,000 Accounts Payable 3,000 Inventory 1,800* Owner's Capital 25,300 Equipment 20,000 $29,300 $29,300 (3,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 3,600 units of inventory on account at a cost of $0.70 per unit. 5 Sold 3.900 units of inventory on account for $0.85 per unit. (Crane sold 3,000 of the 30.60 units and 900 of the $0.70.) 7. Granted the December 5 customer $150 credit for 200 units of inventory returned costing $100. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at 50.76 each 22 Sold 2,200 units of inventory on account for $0.91 per unit. (Crane sold 2,200 of the $0,70 units.) ge Adjustment data 1. Accrued salaries payable $300. 2. Depreciation $200 per month Your answer is correct. Journalize the December transactions and adjusting entries, assuming Crane uses the perpetual inventory method. (Credir account titles are automatically went amount andere onderstand thecord j a entries in the order presented in the problem.) Account Titles and Explanation Inventory A ble Type here to search 26136 Total Liabilities and Owner's Equity 31056 LINK TO TEXT x Your answer is incorrect. Try again. Compute ending inventory and cost of goods sold under FIFO, assuming Crane Company uses the periodic inventory system Ending Inventory 3850 Cost of Goods Sold I 1990 Compute ending Inventory and cost of goods sold under UFO, assuming Crane Company uses the periodic inventory system, Ending Inventory I 1428 Cost of Goods Sold 2 Question Attempts: 1 of used SAVE FOR LATER KEY ANSWER Type here to search SHARP