Selected accounts from the chart of accounts of Crane Co. are shown below. 101 Cash 301 Owner's Capital 112 Accounts Receivable 401 Sales Revenue 115 Notes Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 157 Equipment 505 Cost of Goods Sold 158 Accumulated Depreciation Equipment 726 Salaries and Wages Expense 200 Notes Payable 729 Rent Expense 201 Accounts Payable The post-closing trial balance for Crane Co. is as follows. Crane Co. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $41,100 Accounts Receivable 14,200 Notes Receivable 44,800 Inventory 22,200 Equipment 6,650 Accumulated Depreciation Equipment $1,480 Accounts Payable 41,600 Owner's Capital 85,870 $128,950 $128,950 $128,950 $128,950 The subsidiary ledgers contain the following information: (1) accounts receivable, B. Hannigan $2,100, I. Kirk $7,200, and T. Hodges $4,900; (2) accounts payable-T. Igawa s11,200, D. Danford $18,900, and K. Thayer $11,500. The cost of all merchandise sold was 60% of the sales price. The transactions for January 2021 are as follows. Jan. 3 Sell merchandise to M. Ziesmer $7,800, terms 2/10, n/30. 5 Purchase merchandise from E. Pheatt $2,500, terms 2/10, n/30. 7 Receive a check from T. Hodges 52,700. 11 Pay freight on merchandise purchased $210. 12 Pay rent of $1,210 for January. 13 Receive payment in full from M. Ziesmer. 14 Post all entries to the subsidiary ledgers. Issued credit of $200 to B. Hannigan for returned merchandise. 15 Send K. Thayer a check for $11,385 in full payment of account, discount $115. 17 Purchase merchandise from G. Roland S1,370, terms 2/10, n/30. 18 Pay sales salaries of $2,970 and office salaries $2,060. 20 Give D. Danford a 60-day note for $18,900 in full payment of account payable. 23 Total cash sales amount to $8,040. 24 Post all entries to the subsidiary ledgers. Sell merchandise on account to I. Kirk $7,560, terms 1/10, n/30. 27 Send E. Pheatt a check for $860. 29 Receive payment on a note of $40,000 from B. Stout. 30 Post all entries to the subsidiary ledgers. Return merchandise of $270 to G. Roland for credit. Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. (Record entries in the order displayed in the problem statement.) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. (Record entries in the order displayed in the problem statement.) Cash Recents Journal Cash Receipts Journal CR1 Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. Sales Revenue Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. Jan. 7 A T. Hodges 2700 2700 | 1 4 115 (101) (414) (112) (401) (401) (X) (505)(120) CP1 Cash Cr. Date Cash Payments Journal Ref. Other Accounts Dr. 120 Account Debited Accounts Payable Dr. Inventory Cr. Jan. 11 E. Pheatt 210 729 (201) Sales Journal si Cost of Goods Sold Dr. Inventory Cr. Date Jan. 3 : Account Debited M. Ziesmer Accounts Recelvable Dr. Ref. Sales Revenue Cr. v 7800 4680 (112)(101) (505)(120) Purchases Journal P1 Inventory Dr. Ref. Accounts Payable Cr. Date Jan. 5 A Account Credited E. Pheatt 2500 (120)(201) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 5 A (To record merchandise returned) (To record the cost of goods sold) Post the appropriate amounts to the general ledger. (Post entries in the order of entries presented in the previous part.) Cash Date No. 101 Balance Explanation Ref. Debit Credit Jan. 1 Balance 41100 41100 CR1 CP1 Accounts Receivable Date Explanation Ref. Jan. 1 A Balance No. 112 Balance Debit Credit 14200 14200 No. 115 Notes Receivable Date Explanation Ref. Jan. 1 A Balance Credit Balance Debit 44800 44800 CR1 No. 120 Inventory Date Explanation Ref. Debit Credit Balance Jan. 1 A Balance 22200 22200 No. 157 Balance Credit Equipment Date Explanation Ref. Debit Jan. 1 A Balance 6650 Accumulated Depreciation-Equipment Date Explanation Ref. Debit 6650 No. 158 Credit Balance 1480 1480 Jan. 1 A Balance v Notes Payable Date Explanation Ref. G1 No. 200 Balance Debit Credit Accounts Payable Date Explanation Ref. Jan. 1 Balance No. 201 Balance Debit Credit 41600 41600 Owner's Capital Date Explanation Ref. Jan. 1 ^ Balance v No. 301 Balance Debit Credit 85870 85870 Sales Revenue Date Explanation Ref. No. 401 Balance Debit Credit CR1 S1 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance G1 No. 414 Sales Discounts Date Explanation Ref. Debit Credit Balance CR1 Cost of Goods Sold Date Explanation Ref. No. 505 Balance Debit Credit No. 726 Balance Debit Credit Salaries and Wages Expense Date Explanation Ref. CP1 Rent Expense Date Explanation Ref. CP1 No. 729 Balance Debit Credit Accounts Receivable Subsidiary Ledger B. Hannigan Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 2100 2100 I. Kirk Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 7200 7200 T. Hodges Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 4900 4900 CR1 M. Ziesmer Date Explanation Ref. Debit Credit Balance CR1 Accounts Payable Subsidiary Ledger G. Roland Date Explanation Ref. Debit Credit Balance T. Igawa Date Explanation Ref. Debit Credit Balance 11200 11200 Jan. 1 A Balance V D. Danford Date Explanation Ref. Jan. 1 Balance Debit Credit Balance 18900 18900 G1 K. Thayer Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 11500 11500 CP1 E. Pheatt Date Explanation Ref. Debit Credit Balance P1 CP1 LINK TO TEXT LINK TO TEXT Trial balance Debit Credit LINK TO TEXT LINK TO TEXT Determine whether the subsidiary ledgers agree with controlling accounts in the genera Determine whether the subsidiary ledgers agree with controlling accounts in the general ledger. Accounts Receivable Subsidiary Ledger Accounts Receivable Control Accounts Payable Subsidiary Ledger DA Accounts Payable Control Selected accounts from the chart of accounts of Crane Co. are shown below. 101 Cash 301 Owner's Capital 112 Accounts Receivable 401 Sales Revenue 115 Notes Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 157 Equipment 505 Cost of Goods Sold 158 Accumulated Depreciation Equipment 726 Salaries and Wages Expense 200 Notes Payable 729 Rent Expense 201 Accounts Payable The post-closing trial balance for Crane Co. is as follows. Crane Co. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $41,100 Accounts Receivable 14,200 Notes Receivable 44,800 Inventory 22,200 Equipment 6,650 Accumulated Depreciation Equipment $1,480 Accounts Payable 41,600 Owner's Capital 85,870 $128,950 $128,950 $128,950 $128,950 The subsidiary ledgers contain the following information: (1) accounts receivable, B. Hannigan $2,100, I. Kirk $7,200, and T. Hodges $4,900; (2) accounts payable-T. Igawa s11,200, D. Danford $18,900, and K. Thayer $11,500. The cost of all merchandise sold was 60% of the sales price. The transactions for January 2021 are as follows. Jan. 3 Sell merchandise to M. Ziesmer $7,800, terms 2/10, n/30. 5 Purchase merchandise from E. Pheatt $2,500, terms 2/10, n/30. 7 Receive a check from T. Hodges 52,700. 11 Pay freight on merchandise purchased $210. 12 Pay rent of $1,210 for January. 13 Receive payment in full from M. Ziesmer. 14 Post all entries to the subsidiary ledgers. Issued credit of $200 to B. Hannigan for returned merchandise. 15 Send K. Thayer a check for $11,385 in full payment of account, discount $115. 17 Purchase merchandise from G. Roland S1,370, terms 2/10, n/30. 18 Pay sales salaries of $2,970 and office salaries $2,060. 20 Give D. Danford a 60-day note for $18,900 in full payment of account payable. 23 Total cash sales amount to $8,040. 24 Post all entries to the subsidiary ledgers. Sell merchandise on account to I. Kirk $7,560, terms 1/10, n/30. 27 Send E. Pheatt a check for $860. 29 Receive payment on a note of $40,000 from B. Stout. 30 Post all entries to the subsidiary ledgers. Return merchandise of $270 to G. Roland for credit. Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. (Record entries in the order displayed in the problem statement.) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. (Record entries in the order displayed in the problem statement.) Cash Recents Journal Cash Receipts Journal CR1 Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. Sales Revenue Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr. Jan. 7 A T. Hodges 2700 2700 | 1 4 115 (101) (414) (112) (401) (401) (X) (505)(120) CP1 Cash Cr. Date Cash Payments Journal Ref. Other Accounts Dr. 120 Account Debited Accounts Payable Dr. Inventory Cr. Jan. 11 E. Pheatt 210 729 (201) Sales Journal si Cost of Goods Sold Dr. Inventory Cr. Date Jan. 3 : Account Debited M. Ziesmer Accounts Recelvable Dr. Ref. Sales Revenue Cr. v 7800 4680 (112)(101) (505)(120) Purchases Journal P1 Inventory Dr. Ref. Accounts Payable Cr. Date Jan. 5 A Account Credited E. Pheatt 2500 (120)(201) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 5 A (To record merchandise returned) (To record the cost of goods sold) Post the appropriate amounts to the general ledger. (Post entries in the order of entries presented in the previous part.) Cash Date No. 101 Balance Explanation Ref. Debit Credit Jan. 1 Balance 41100 41100 CR1 CP1 Accounts Receivable Date Explanation Ref. Jan. 1 A Balance No. 112 Balance Debit Credit 14200 14200 No. 115 Notes Receivable Date Explanation Ref. Jan. 1 A Balance Credit Balance Debit 44800 44800 CR1 No. 120 Inventory Date Explanation Ref. Debit Credit Balance Jan. 1 A Balance 22200 22200 No. 157 Balance Credit Equipment Date Explanation Ref. Debit Jan. 1 A Balance 6650 Accumulated Depreciation-Equipment Date Explanation Ref. Debit 6650 No. 158 Credit Balance 1480 1480 Jan. 1 A Balance v Notes Payable Date Explanation Ref. G1 No. 200 Balance Debit Credit Accounts Payable Date Explanation Ref. Jan. 1 Balance No. 201 Balance Debit Credit 41600 41600 Owner's Capital Date Explanation Ref. Jan. 1 ^ Balance v No. 301 Balance Debit Credit 85870 85870 Sales Revenue Date Explanation Ref. No. 401 Balance Debit Credit CR1 S1 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance G1 No. 414 Sales Discounts Date Explanation Ref. Debit Credit Balance CR1 Cost of Goods Sold Date Explanation Ref. No. 505 Balance Debit Credit No. 726 Balance Debit Credit Salaries and Wages Expense Date Explanation Ref. CP1 Rent Expense Date Explanation Ref. CP1 No. 729 Balance Debit Credit Accounts Receivable Subsidiary Ledger B. Hannigan Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 2100 2100 I. Kirk Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 7200 7200 T. Hodges Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 4900 4900 CR1 M. Ziesmer Date Explanation Ref. Debit Credit Balance CR1 Accounts Payable Subsidiary Ledger G. Roland Date Explanation Ref. Debit Credit Balance T. Igawa Date Explanation Ref. Debit Credit Balance 11200 11200 Jan. 1 A Balance V D. Danford Date Explanation Ref. Jan. 1 Balance Debit Credit Balance 18900 18900 G1 K. Thayer Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 11500 11500 CP1 E. Pheatt Date Explanation Ref. Debit Credit Balance P1 CP1 LINK TO TEXT LINK TO TEXT Trial balance Debit Credit LINK TO TEXT LINK TO TEXT Determine whether the subsidiary ledgers agree with controlling accounts in the genera Determine whether the subsidiary ledgers agree with controlling accounts in the general ledger. Accounts Receivable Subsidiary Ledger Accounts Receivable Control Accounts Payable Subsidiary Ledger DA Accounts Payable Control