Crane Ltd$.($CL$)$ is a medical equipment supply company that sells, installs, and services a variety of mobility aid equipment. CL was founded in $2021$ and has seen significant growth since then. CL$\text{'}$s bookkeeper retired in July, and her replacement has asked for your assistance in recording the following transactions from the month of August $2024.$

Regular entries:

Aug. $1$ CL purchased a new delivery truck for $$106,650,$ paying $$59,250$ cash and financing the balance using a note payable at $2\%$ per annum. The note payable is due in $12$ months, and interest on the note must be paid on the first day of every month, beginning on September $1\mathrm{.}2024,$ CL$\text{'}$s management has determined that the truck will have a useful life of six years and a residual value of $$21,330.$

$1$ CL paid $$7,31Q$ for an insurance policy on the new truck for the period August $1,2024,$ to December $31,2025.$

$6$ CL soid $$42,660$ of medical equipment, of which $50\%$ was on account and the balance was cash. The cost to CL of the products sold was $$14,800.$

$13$ The company purchased inventory on credit at a cost of $$18,960.$

$20$ Golden Years Retirement Group $($Golden$),$ one of CL$\text{'}$s largest customers, signed an equipment installation and service contract with CL$.$ The contract runs from September $1,2024,$ to August $30,2025,$ and will mean that CL services all of Golden's medical equipment. In accor dance with the contract terms, Golden paid CL $$11,850,$ representing four months' service revenue under the contract.

$30CL$ paid dividends in the amount of $$29,625,$ which had been declared by the board $($and recorded$)$ in July $2024.$

Adjusting entries:

Aug. $31$ CLmade the necessary month$-$end adjusting entry related to the insurance policy.