cultion, Custom WileyPLUS Course for Bronx Community College Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 3-05 (Video) Crane Company has the following balances in selected accounts on December 31, 2020. $0 0 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 0 3,000 29,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Crane Company borrowed $10,500 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $860 are on hand. 3. Depreciation on the equipment for 2020 is $1,000. Crane Company paid $2,760 for 12 months of insurance coverage on June 1, 2020. 5. 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. 7. 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. Examinations cultion, Custom WileyPLUS Course for Bronx Community College Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 3-05 (Video) Crane Company has the following balances in selected accounts on December 31, 2020. $0 0 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 0 3,000 29,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Crane Company borrowed $10,500 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $860 are on hand. 3. Depreciation on the equipment for 2020 is $1,000. Crane Company paid $2,760 for 12 months of insurance coverage on June 1, 2020. 5. 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. 7. 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. Examinations