On December 1, 2020, Crane Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 12 Debit 17 $17,000 2,000 7,000 15,000 1,500 27,000 During December, the company completed the following transactions. $69,500 Accumulated Depreciation Equipment Accounts Payable Owner's Capital Credit $2,900 6,000 60,600 $69,500 Received $3,500 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30. Sold merchandise on account $15,000, terms 2/10, n/30. The cost of the merchandise sold was $9,000.

Depreciation Expense Post the entries to the ledger T-accounts. (Post entries in the order of journal entries presented in the previous part.) During December, the compamy completed the following transactions. Dec. 7 Roceived $3.500 cash from customers in payment of account (no discount allowed) 12. Purchased merchandise on account from Vance Co. $11.000, terms 1/10,n/30. 17 Sold merchandise on account $15.000, terms 2/10,n/30. The cost of the merchandise sold was $9,000 19 Paid salaries $2,100. 22. Paid Vance Ca in fult less discount. 26 Peceived collections in full, less discounts, fram customers billed on December 17 31 Peceived $2,600 cash from customers in payment of account (ne discount allowed) Adjustment data: 1. Depreciation $190 per month 2. Insurance expired $390. On December 1,2020, Crane Company had the following account balances. During December, the company completed the following transactions. Dec. 7 Received $3,500 cash from customers in payment of account (no discount allowed). 12. Purchased merchandise on account from Vance Co. $11,000, terms 1/10,n/30. 17 Sold merchandise on account $15,000, terms 2/10,n/30. The cost of the merchandise sold was $9,000. Depreciation Expense