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Question 7C Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange

Question 7C

Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below:

Sept. 1 Issued common shares in exchange for $18,000 cash.
2 Paid $1,600 cash for rent for the month of September.
5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account.
8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided.
12 Incurred $600 in advertising expenses on account.
20 Paid $3,000 for repairs and maintenance expenses.
25 Paid $4,800 cash on balance owed for equipment.
27 Incurred and paid income taxes for the month amounting to $1,000.
30 Declared and paid a $600 cash dividend.

C. Post the transactions to T accounts. (Post entries in the order presented in the problem.)

CASH

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE* $____
*INSERT DATE* $____ *INSERT DATE* $____
*INSERT DATE* $____ *INSERT DATE* $____
*INSERT DATE* $____ *INSERT DATE* $____
*INSERT DATE* $____ *INSERT DATE* $____
*INSERT DATE* $____ *INSERT DATE* $____

Accounts Receivable

DATE: $ DATE: $
*INSERT DATE* $____ *INSERT DATE* $____

Equipment

DATE: $ DATE: $
*INSERT DATE* $____ *INSERT DATE* $____

Accounts Payable

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE* $____
*INSERT DATE* $____ *INSERT DATE* $____
*INSERT DATE* $____ *INSERT DATE* $____

Common Shares

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE*

Dividends Declared

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE*

Service Revenue

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE*

Rent Expense

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE*

Repairs and Maintenance Expense

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE*

Income Tax Expense

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE*

Advertising Expense

DATE $ DATE $
*INSERT DATE* $____ *INSERT DATE*

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