Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 31, 2021, Crane Equipment Repair Corp's opening trial balance was as follows. The company adjusts its accounts monthly. During November, the following transactions

image text in transcribedimage text in transcribedimage text in transcribed

On October 31, 2021, Crane Equipment Repair Corp's opening trial balance was as follows. The company adjusts its accounts monthly. During November, the following transactions were completed: Nov. 9 Paid $2,200 to employees for salaries due, of which $1,000 is for October salaries payable and $1,200 for November. 13 Issued common shares for $5,000. 13 Received $12,310 cash from customers in payment of accounts. 19 Received $11,400 cash for services performed in November. 20 Purchased supplies on account, $600. 21 Paid creditors $5,000 of accounts payable due. 23 Paid November rent, $600. 23 Paid salaries, \$2,400. 27 Performed services on account, $3,800. 28 Declared and paid a cash dividend, $500. 30 Received $1,130 from customers for services to be performed in the future. (a) Prepare journal entries to record the November transactions. (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.) 21 23 (To record rent paid.) 23 (To record salaries paid.) 27 28 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Avoid IRS Audits

Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.

1st Edition

1530746477, 978-1530746477

More Books

Students also viewed these Accounting questions

Question

5. Structure your speech to make it easy to listen to

Answered: 1 week ago

Question

1. Describe the goals of informative speaking

Answered: 1 week ago