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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
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 expense 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. Post the transactions to T accounts. (Post entries in the order presented in the problem.) Cash Accounts Receivable Equipment Accounts Payable Common Shares Dividends Declared Service Revenue Rent Expense Repairs and Maintenance Expense Income Tax Expense Advertising Expense
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