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 Accumulated Depreciation Equipment Accounts Payable Owner's Capital 2,000 7,000 15,000 1,500 During December, the company completed the following transactions. 27,000 $69,500 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 torms 2/10/20 The cost of the merchandico cold was $9.000 w

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. v:1 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 Ca. $11,000, terms 1/10,/30. 17 Sold merchandise on account $15,000, terms 2/10,n/30. The cost of the merchandise sold was $9,000. 19 Paid sataries $2,100. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,600 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $190 per month. 2. Insurance expired $390