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Need help with this accounting question. I'm stumped. Crane Company has the following balances in selected accounts on December 31, 2020. All the accounts have
Need help with this accounting question. I'm stumped.
Crane Company has the following balances in selected accounts on December 31, 2020. All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Crane Company borrowed $15,000 by signing a 12%, one-year note on August 1,2020 . 2. A count of supplies on December 31,2020 , indicates that supplies of $910 are on hand 3. Depreciation on the equipment for 2020 is $2,000. 4. Crane Company paid $2,640 for 12 months of insurance coverage on May 1, 2020. 5. On November 1,2020 , Crane collected $49,000 for consulting services to be performed from November 1, 2020, through March 31, 2021 6. Crane performed consulting services for a client in December 2020. The client will be billed $6,600. 7. Crane Company pays its employees total salaries of $14,000 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 . Your answer is partially correct. Prepare adjusting entries for the seven items described above. (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 0 for the amounts. List all debit entries before credit entries.) Service Revenue 7. Salaries and Wages Expense \begin{tabular}{|r|r|} \hline 14000 \\ \hline \end{tabular} Salaries and Wages Payable 14000Step by Step Solution
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