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Crane Store is located in midtown Madison. At the end of the company's fiscal year on November 30, 2022. the following accounts appeared in its
Crane Store is located in midtown Madison. At the end of the company's fiscal year on November 30, 2022. the following accounts appeared in its preliminary adjusted trial balance. One adjustment remains to be made Adjusted Adjusted Accounts Payable 525,700 Notes payable $37,500 Accounts Receivable 30,600 Owner's Capital 88,100 Accumulated Depr -Equipment 45,000 Owner's Drawings 10,000 Cash 26,000 Prepaid Insurance 3,400 Cost of Goods Sold 503,000 Property Tax Expense 2,500 Freight-Out 5,600 Property Taxes Payable 2.500 147.000 Rent Expense 15,000 10.500 Equipment Depreciation Expense Insurance Expense Interest Expense Salaries and Wages Expense 96.000 6.000 Sales Revenue 720,000 6.400 Sales Commissions Expense 11.000 Interest Revenue 2.000 Sales Commissions Payable 4,500 Inventory 31,000 Sales Returns and Allowances 8,000 Ulities Expense 8,500 Journalize the adjusting entry for Inventory Inventory on hand is actually $29.100. (Credit account titles are automatically inderted when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Nov. 30 $ A $ TRE V 5 Joomalize the being treate necessary Odccounts we tocy! toisend. De not Date Account Titles and Explanation Debit Credit Nov. 30 (To close accounts with credit balances) Nov. 30 (To close accounts with debit balances) Nov. 30 (To close net income loss)) Nov. 30 [Todose drawings
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