Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 2 of 5 < The unadjusted trial balance for Crane Designs at its year end, April 30, 2024, is as follows: CRANE DESIGNS
Question 2 of 5 < The unadjusted trial balance for Crane Designs at its year end, April 30, 2024, is as follows: CRANE DESIGNS Trial Balance April 30, 2024 Debit Credit Cash Accounts receivable Prepaid rent Equipment $12,000 8,200 5,000 24,960 Accumulated depreciation-equipment $6,240 Accounts payable 5,500 Notes payable 12.000 Unearned revenue 1,400 T. Johnson, capital 26.390 T. Johnson, drawings 4,300 Service revenue 16.000 Salaries expense 9,700 Interest expense 510 Depreciation expense 2860 $67530 $67.530 Additional information: $560 of the unearned revenue is to be recognized because the related gardening services have been provided by April 30, 2024. The equipment has an estimated useful life of eight years. Interest on the note payable is due on the first day of each month for the previous month's interest. The note payable has a 6% annual interest rate. (a) Crane Designs prepares adjusting entries monthly. Prepare adjusting entries for the month ended April 30, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accom titles and enter O for the amounts. List all debit entries before credit entries) Date Account Titles Debit Credit Apr. 30 Apr. 30 (To record revenue for services provided) Apr 30 (To record monthly depreciation) (To accrue interest expense) > A
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started