Options; Accounts Payable, Equipment, Common Shares, Cash, Rent Expense, Supplies, No Transaction, Income Tax Expense, Unearned Revenue, Accounts Receivable, Service Revenue.

Question 3 Transactions for Crane Ltd. for the month of June, its first month of operations, are presented below: June 1 Issued common shares to shareholders in exchange for $2,550 cash 4 Purchased supplies on account for $256 7 Billed J. Kronsnoble $278 for welding work done. 18 Received partial payment of $192 from J. Kronsnoble for work billed on June 7. 25 Hired a new employee to start work on July 3. 27 Received cash of $202 from Liu Controls Ltd. as a deposit for welding work to be done in July. 28 Paid for supplies purchased on June 4 29 Paid $91 for monthly income tax instalment Prepare a basic analysis. (If no transaction is required, select "No Transaction" for the account titles Account Debited Account Credited une 1 18 25 27 28 29 Prepare a equation analysis. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced See Ilustration 3-2 for example.) Assets Liabilitles Shareholders' Equity Cash + Supplies+ Accounts Receivable Accounts Payable + Unearned Revenue Common Shares + service Revenue- Income Tax Expense June 1s 18 25 27 29 Prepare a debit-credit analysis. Account Debited Account Credited Effect Effect June 1 4 18 25 27 28 29