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*