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Current Attempt in Progress Crane Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial
Current Attempt in Progress Crane Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. CRANE COMPANY Trial Balance (Selected Accounts) September 30, 2020 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Unearned Rent Revenue Debit Credit $2,560 2,880 12,960 $800 960 (Note: Debit column does not equal credit column because this is a partial listing of selected account balances) An analysis of the account balances by the company's accountant provided the following additional information: 1. A physical count of supplies revealed $1,120 on hand on September 30. 2. A two-year life insurance policy was purchased on September 1 for $2,880. 3. Equipment depreciated $2,640 per year. 4. The amount of rent received in advance that remains unearned at September 30 is $560. Using the above additional information, prepare the adjusting entries that should be made by Crane Company on September 30. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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