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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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