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I need help, partially of my answer is incorrect. On August 1, 2021, the beginning of its current fiscal year, the following opening account balances,
I need help, partially of my answer is incorrect.
On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Crane Ltd. During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $360. (Hint: Use the Prepaid Rent account.) 6 Received $3,420 cash from customers in payment of accounts. 10 Paid $2,970 for salaries due employees, of which $1,650 is for August and $1,320 is for July salaries payable. 13 Received $3,590 cash for services performed in August. 15 Purchased additional equipment on account $2,000. 17 Paid creditors $2,000 of accounts payable due. 22 Purchased supplies on account $800. 24 Paid salaries $3,110. 27 Performed services worth $4,840 on account and billed customers. 29 Received $810 from customers for services to be provided in the future. 31 Declared and paid a $460 dividend. Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter 0 for the normal balance for that account.) Accounts Receivable Aur. 1 Aug. 27 \begin{tabular}{|} $4,840 \\ \hline$6,110 \\ \hline \end{tabular} Prepaid Advertising Aug. 1 Aug. 31Bal. \begin{tabular}{|} $410 \\ \hline$410 \\ \hline \end{tabular} Supplies Aug. 1 $1,100 Aug. 22 $800 Aug. 31 Bal. $1,900 Note Receivable Aur. 1 Interest Receivable Aur. 1 Equipment Aug. 1 Aug. 15 Aug. 31Bal. $12,400 Accumulated Depreciation - Equipment Aur. 1 $2,090 Aug. 31 Bal. $2,090 Common Shares Aug. 1 Aug. 31 Bal. $12,900 Retained Earnings Aug. 1 $6,362 Aug. 31 Bal. $6,362Step by Step Solution
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