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Post the August journal entries and calculate and enter end balances. ( Post entries in the order of journal entries presented in the previous part.
Post the August journal entries and calculate and enter end balances. ( Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal. for the date and enter 0 for the normal balance for that account )
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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Crane Ltd. During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $360. (Hint: Use the Prepaid Rent account.) 6 Received $3,420 cash from customers in payment of accounts. 10 Paid $2,970 for salaries due employees, of which $1,650 is for August and $1,320 is for July salaries payable. 13 Received $3,590 cash for services performed in August. 15 Purchased additional equipment on account $2,000. 17 Paid creditors $2,000 of accounts payable due. 22 Purchased supplies on account $800. 24 Paid salaries $3,110. 27 Performed services worth $4,840 on account and billed customers. 29 Received $810 from customers for services to be provided in the future. 31 Declared and paid a $460 dividend. Record the above summary transactions. (Recurd jcurnal entries in the order presented in the problem, List all debit entries before credit Post the August adjusting journal entries and calculate and enter end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is O select Bal for the date and enter O for the normal balance for that account.) Prepaid Advertising Aug. 1 Supplies \begin{tabular}{lr|r} \hline Aug. 1 Bal. & 1,100 & \\ \hline Aug. 22 & 800 & \\ \hline & \\ \hline & & \\ \hline \end{tabular} Prepaid Rent Aug. 3 Note Receivable Aug. 1 Bal. Aug. 31 Bal. 4,4004,400 Interest Receivable Aug. 1 Bal. Equipment \begin{tabular}{lr|r} & \multicolumn{2}{c}{ Equipment } \\ \hline Aug. 1 Bal. & 10,400 & \\ Aug. 15 & 2,000 & \\ \hline Aug. 31 Bal. & 12,400 & \end{tabular} Accumulated Depreciation - Equipment Aug. 1 Bal. 2,090 Salaries Payable Aug. 10 Income Tax Payable Deferred Revenue Aug. 1 Bal. 1,340 Aug. 29 810 Service Revenue Salaries Expense Aug. 10 Aug. 24 1,6503,110 Rent Expense Supplies Expense Depreciation Expense Income Tax Expense Advertising Expense Prepare T accounts, enter any opening balances, post the general journal entries and calculate end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter O for the normal balance for that account.) Supplies Prepaid Rent \begin{tabular}{ll|l|l|l|} \hline Aug.3 & & $360 & & \\ \hline Aug 31 Bal. & $360 & & \\ \hline \end{tabular} Note Receivable Interest Receivable Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Deferred Revenue Common Shares Retained Earnings \begin{tabular}{||c||c|c||c|c|} \hline Aug. 1 Bal. V & $0 & & Aug.1 Bal. & $6,362 \\ \hline \hline \end{tabular} Dividends Declared \begin{tabular}{|ll|l|l|} \hline Aug:31 & & $460 & \\ \hline Aug.31 Bal & $460 & \\ \hline \end{tabular} Service Revenue CRANE LTD. Trial Balance August 31, 2021 Credit Cash Notes Receivable Interest Receivable $22 Accounts Receivable $6,110 Supplies $1,900 Prepaid Advertising $410 Prepaid Rent Crane records adjustments monthly. Adjustment data for the month of August are as follows: 1. One month's worth of advertising services have been received. 2. The August rent has expired. 3. Accrued salaries payable are $1,440. 4. Depreciation for the month is $209. 5. Supplies on hand at August 31 are $950. 6. Services were performed to satisfy $770 of Deferred revenue. 7. One month of interest income related to the $4.400 note receivable has accrued. The note was issued on June 30 and is due October 31 and has a 6% annual interest rate. Interest is due at maturity. 8. Income tax of $310 is estimated to be owed for the month of August. Prepare the August adjusting journal entries. (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. Record journal entries in the order presented in the problem.)Step by Step Solution
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